NIESBUD signs MoU with Rural Development Ministry to promote village-level entrepreneurship

The National Institute of Entrepreneurship and Small Business Development (NIESBUD) on Monday signed a memorandum of understanding (MoU) with the Ministry of Rural Development (MoRD) to develop a sustainable model for promoting entrepreneurship at the grassroots through the initiative called 'startup village entrepreneurship programme'.

The Startup Village Entrepreneurship Programme (SVEP) is a sub-component of Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) of the Ministry of Rural Development. 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 stabilised. This pragmatic intervention will provide knowledge, advisory and financial support to the public and will help create village-level community cadre, Ministry of Skill Development and Entrepreneurship said in a statement.

The National Institute of Entrepreneurship and Small Business Development is an autonomous organisation under the Ministry of Skill Development and Entrepreneurship (MSDE).

Under the partnership, rural entrepreneurs will be able to access banking systems for receiving financial support for starting their enterprises, including support from MUDRA bank. 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. The beneficiaries of the project are from the Self-Help Group (SHG) ecosystem of DAY-NRLM and the scheme not only supports existing enterprises but new enterprises as well.

Rajesh Aggarwal, Secretary, Ministry of Skill Development and Entrepreneurship, said NIESBUD partnership with the Ministry of Rural Development will help in training the rural community and will provide them with necessary resources for entrepreneurship to increase their income and will pave the way for building Aatmanirbhar Bharat.

( With inputs from ANI )

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