Ministry of Rural Development partners with NIESBUD for village-level entrepreneurship program

NEW DELHI : The Union Department of Rural Development (MoRD) and the National Institute of Entrepreneurship and Small Business Development (NIESBUD) have signed a Memorandum of Understanding (MoU) to develop a sustainable model for promoting rural development. grassroots entrepreneurship by initiating the “start-up village entrepreneurship program” (SVEP).

NIESBUD is an autonomous organization under the Ministry of Skills Development and Entrepreneurship (MSDE).

The partnership will enable the rural community to help them set up their trades and provide full support until they stabilize, a statement from the MSDE said.

SVEP is a sub-component of Deendayal Antyodaya Yojana – National Mission for Rural Livelihoods (DAY-NRLM) which aims to support entrepreneurs in rural areas to establish village-level businesses in non-agricultural sectors.

Rural entrepreneurs will be able to access banking systems to receive financial support to start their businesses, including support from MUDRA bank.

Integrated ICT techniques and tools will also be provided for training and capacity building, as well as business advisory services to augment the entrepreneurship ecosystem in Indian villages, the ministry said.

Project beneficiaries belong to DAY-NRLM’s Self-Help Group (SHG) ecosystem and the program not only supports existing businesses, but also new businesses.

Rajesh Aggarwal, Secretary of the Ministry of Skills Development and Entrepreneurship, said SVEP will help create an innovative ecosystem, accelerating economic and social gains at the community level.

He informed that the program also aims to build an inclusive society by providing equal opportunities to all as well as the required financial support. “India is a land of opportunity and by helping our youth access these prospects, we are fulfilling their aspirations,” said Aggarwal.

Aggarwal was of the opinion that rural entrepreneurship can play an important role in the overall economic development of India and a large number of employment opportunities can be generated due to rural entrepreneurship for people living in rural or remote geographic areas.

Ancient artistic heritage has also been preserved by protecting and promoting rural entrepreneurship, he added.

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