NIESBUD, rural development ministry join hands to support rural entrepreneurs

Rural entrepreneurs will be able to access banking systems, including MUDRA bank, for receiving financial support to start their enterprises under a pact signed between NIESBUD and the rural development ministry.

The National Institute of Entrepreneurship and Small Business Development (NIESBUD) has signed a Memorandum of Understanding (MoU) with the Ministry of Rural Development to develop a sustainable model for promoting entrepreneurship at the grassroots level by initiating the Start-up Village Entrepreneurship Programme (SVEP), an official statement said.

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NIESBUD is an autonomous organisation under the Ministry of Skill Development and Entrepreneurship.

SVEP is a sub-component of Deendayal Antyodaya Yojana National Rural Livelihoods Mission (DAY-NRLM) of the rural development ministry. It aims to support entrepreneurs in rural areas to set-up enterprises at the village-level in non-agricultural sectors.

"The partnership will enable the rural community by helping them set up their trades and provide complete support till they are stabilized. This pragmatic intervention will provide knowledge, advisory and financial support to the public and will help create village-level community cadre," the statement added.

Under the partnership, rural entrepreneurs will be able to access banking systems, including MUDRA bank, for receiving financial support to start their enterprises.

Integrated ICT techniques and tools will also be provided for training and capacity building along with enterprise advisory services to augment the entrepreneurship ecosystem in India's villages. Beneficiaries of the project are from Self-Help Group (SHG) ecosystem of DAY-NRLM and the scheme not only supports existing enterprises but new enterprises as well, the statement said.

Prime Minister Narendra Modi has highlighted that Indians should dream of becoming job creators from job seekers and in this regard, SVEP will help create an innovative ecosystem, accelerating economic and social gains at the community level, Secretary of Ministry of Skill Development & Entrepreneurship Rajesh Aggarwal said.

He informed that the scheme also aims at building an inclusive society by providing equal opportunities to all along with the required financial support.