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IN THE SMALL, MEDIUM, LARGE/JOINT SECTOR ANYWHERE IN INDIA? If so, you may approach Council Of State Industrial Development and Investment Corporations Of India (COSIDICI), which act as a catalyst for rendering assistance/guidance through its network of 56 affiliated State Industrial Development and Investment Corporations in respect of :
Established in 1976, the Council of State Industrial Development and Investment Corporations of India (COSIDICI) is a national federation of state level financial and investment corporations comprising State Financial Corporations (SFCs), State Industrial Development Corporations (SIDCs) and State Infrastructure Development Corporations engaged in promotion, development and financing of industry in small, medium and large sectors , besides developing industrial infrastructural facilities like industrial estates, industrial parks, industrial townships, etc. As on 30th September, 1999, COSIDICI has a membership of 56 state level institutions, as indicated below
COSIDICI has been playing its role creditably during the past more than two decades and has produced the desired impact on the growth of this sector. COSIDICI has established effective liaison with the concerned departments of State Governments, Central Government and the all India Financial Institutions, including RBI, IDBI, SIDBI, etc. Besides, COSIDICI is an accredited member of CII, FICCI, SCOPE, Small Scale Industries Board, Ministry of Industry, Govt. of India and actively participates in their activities. COSIDICI has been successfully taking up various issues affecting the business operations of these corporations, with the above agencies and has been influencing the policies of the Government and all India financial institutions to the advantage of this sector. Some of the important objectives of COSIDICI are :
COSIDICI has been arranging training programmes for the senior executives of its member corporations to upgrade their conceptual and operational skills. COSIDICI has been arranging special training programmes exclusively for the benefit of state level corporations in collaboration with the National Institute of Banking Studies and Corporate Management A large number of senior executives from our member corporations have benefited from these programmes. The. affairs of COSIDICI are managed by an Executive Committee consisting of senior civil servants drawn from various state level corporations. The composition of the Executive Committee is such that all regions of the country are represented on it. As on date, the Executive Committee has 18 members, who are elected by the General Body every year. The following Chief Executives of our member corporations constitute the Executive Committee :
The Secretariat of COSIDICI is managed by highly professional executives, some of whom have retired from senior positions in the government/all India financial institutions as per details given below :
Brief Profile of our Member Corporations State Financial Corporations : State Financial Corporations were established in the States under the Central Act, viz.. The State Financial Corporations Act, 1951, with the basic objective of promoting and developing small scale industries in the respective states with a special focus on spreading industrial culture in the rural, semi-urban and backward areas of the States. These corporations are owned by the respective state governments jointly with IDBI and they are functioning under the administrative control of the state governments. The Chairman and Managing Directors of these corporations are senior IAS officers appointed by the state governments in consultation with IDBI. The Board of Directors of SFCs is highly professional in character and consists of senior executives of the state governments, a representative each from RBI. IDBI and SIDBI, besides other interests like Co-operatives, Life Insurance, entrepreneurs are also represented on the Board. They are employing highly professional and technical personnel to carry on the business operations such as M.B.As.., C.As., engineers, marketing experts, etc. These corporations have opened a number of regional offices in the states to cater to the requirements of the entrepreneurs . SFCs provide term loan to small and medium scale industries for creation of assets, viz., land, building and machinery. They also provide working capital term-loan to the industrial units on competitive terms. Various non fund based services like merchant banking, under-writing of public issues, project counselling, bill discounting, leasing and hire purchase are also been undertaken by them. They are operating a number of financial assistance schemes for the benefit of the entrepreneurs such as assistance for marketing activities, equipment finance, special schemes for assistance to ex-servicemen, single window scheme, etc. SFCs provide maximum loan upto Rs. 240 lakhs. The interest on loan ranges between 13.75% to 16.5% depending upon the size of the loan and its term. State Industrial Development Corporations : The State Industrial Development Corporations were set up under the Companies Act, 1956, as wholly owned state government undertakings for promotion and development of medium and large industries. In addition to provision of financial assistance, they are also involved in developing industrial infrastructure like industrial estates, industrial parks and setting up industrial projects either on their own or in the joint sector in collaboration with private entrepreneurs or as wholly owned subsidiaries. SIDCs exist in all the States and have developed industrial infrastructure facilities to enable prospective entrepreneurs to set up their industries in the states. These corporations render technical assistance to the entrepreneurs in the formulation of the project reports and also provide common facilities in the industrial estates. These corporations provide loans and advances to the industrial units in the medium and large sectors to the maximum of Rs. 400 lakhs. The interest rate ranges between 13.5% to 17% depending upon the size of the loan. State Industrial Infrastructure and Investment Corporations : The State Industrial Infrastructure and Investment Corporations have also been set up under the Companies Act under the overall control of the State Governments to develop industrial infrastructure in the States. As on date, only 10 such corporations have been set up in the States of Andhra Pradesh, Gujarat, Maharashtra, Orissa, Tamil Nadu, Uttar Pradesh, Delhi and Goa. These corporations are primarily engaged in developing infrastructure, which has been identified as the major thrust area for taking the country on the path of the economic growth. The infrastructure projects undertaken by these corporations include developing industrial growth centres, export promotion zones, software parks, industrial townships, industrial parks, as also industrial estates. To a large extent, these corporations are supplementing the efforts of State Industrial Development Corporations in so far as development of industrial infrastructure in the states is concerned. Some
of our corporations have hosted their own website and the details in this
regard are furnished below to enable prospective entrepreneurs to have
direct access to them :
Facilities and incentives available for setting up industries in the States In each state a State Financial Corporation and a State Industrial Development Corporation have been functioning for more than four decades. Operating at the grass root level, these development finance institutions have played a significant role in developing industries in the states with particular emphasis on development of backward regions. These corporations have played a crucial role in the promotion of first generation entrepreneurs. They have recorded an impressive performance in providing financial assistance for promotion and development of small scale, medium scale and large scale industries in their respective states. As on 31st March, 1999, their cumulative sanctions and disbursements aggregated Rs. 44,704.6 crores and Rs.34,988.6 crores forming 10.5% and 12% of the total sanctions and disbursements made by all financial institutions in the country respectively. Besides, the SIDCs |