Rural development ministry and NIESBUD to support rural entrepreneurs
Rural development ministry – Under a contract reached between NIESBUD and the rural development ministry, rural entrepreneurs would be able to access banking institutions, notably MUDRA bank, to receive financial support to launch their businesses.
According to an official statement, the National Institute of Entrepreneurship and Small Business Development (NIESBUD) and the Ministry of Rural Development have signed a Memorandum of Understanding (MoU) by developing the Start-up Village Entrepreneurship Programme, a sustainable approach for boosting entrepreneurship at the grassroots level (SVEP).
NIESBUD is a self-governing body that reports to the Ministry of Skill Development and Entrepreneurship.
SVEP is a component of the rural development ministry’s Deendayal Antyodaya Yojana National Rural Livelihoods Mission (DAY-NRLM). Its goal is to help entrepreneurs in rural areas start businesses in non-agricultural sectors at the village level.
This practical intervention will give the public with information, advice, and financial assistance, as well as assist in the formation of village-level community cadre “Added the statement.
Rural entrepreneurs will be able to use banking institutions, notably MUDRA bank, to receive financial assistance to launch their businesses as a result of the relationship.
Rural development ministry
To supplement the entrepreneurship ecosystem in India’s villages, integrated ICT approaches and tools will be provided for training and capacity building, as well as enterprise advising services. The project’s beneficiaries are from the DAY-Self-Help NRLM’s Group (SHG) ecosystem, and the plan not only assists existing but also new businesses, according to the statement.
Prime Minister Narendra Modi has declared that Indians should strive to be job creators rather than job seekers, and the SVEP will assist in the building of an inventive ecosystem, quickening the pace of innovation.
Ecosystem, accelerating economic and social gains at the community level, according to Rajesh Aggarwal, Secretary of the Ministry of Skill Development and Entrepreneurship.
He further stated that the initiative strives to create an inclusive society by providing equal opportunity to all while also providing the necessary financial assistance.
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