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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Skip in 10
Entrepreneurship plays a vital role in economic development by creating employment, encouraging innovation, increasing production, and promoting balanced regional growth. In India, entrepreneurs are supported by a wide network of institutional support systems established by the government, financial institutions, training bodies, and development agencies. These institutions help entrepreneurs in finance, training, technology, marketing, consultancy, and infrastructure development. One of the major support systems is the Ministry of Micro, Small and Medium Enterprises (MSME). It formulates policies and schemes for the promotion and development of small businesses. It provides subsidies, skill development programs, credit support, and assistance for modernization. District Industries Centres (DICs) are important institutions operating at the district level. They guide new entrepreneurs in selecting projects, preparing reports, obtaining registrations, and accessing loans.
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