Question
Describe the various Institutional Support Systems available for entrepreneurs in India. Highlight the roles played by Khadi and Village Industries Commission (KVIC) and NSIC (National Small Industries Corporation).
Answer :
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In India, a variety of institutional support systems have been established to foster entrepreneurship, particularly to assist small and medium enterprises, promote innovation, and encourage self-employment. These institutions provide financial assistance, advisory services, infrastructure support, and skill development programs to entrepreneurs across sectors. One of the primary objectives of these support systems is to reduce the barriers faced by new and existing entrepreneurs, such as limited access to credit, technology, markets, and managerial expertise. The Khadi and Village Industries Commission (KVIC) plays a significant role in promoting rural entrepreneurship and sustaining traditional industries. Established under the Khadi and Village Industries Commission Act of 1956, KVIC aims to generate employment opportunities in rural areas, promote the use of indigenous materials, and
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