NIDC full form

NIDC:- National Industrial Development Corporation

NIDC stands for National Industrial Development Corporation. It was established on 20th October 1954. It was established by the Central Government with an aim to motivate the growth and development of industries in the private and the public sector. The role of NIDC is to plan and formulate projects to set up new Industries and for developing new production lines in the existing industries. It is also entrusted with the duty to establish undertakings which would contribute to the industrial development of the country as a whole according to the Central Government. The main goal of this organization is to promote industrialization rather than just granting finance for the establishment and expansion. NIDC not only builds up schemes of its own but also collaborates with the private firms. It has also many times rendered services of assistance to industries for their modernization. It also has the right to issue debentures and shares so as to support its finances. The management consists of the board of directors of 8 members including the chairman as well as the managing director. The board of directors is appointed by the central government.

Please Share