As the world has shifted to an economy driven by small businesses, the need for government support of entrepreneurs and their venture initiatives has become increasingly important.
Governments around the world recognize that small businesses are essential to economic growth, job creation, and social stability.
To ensure that these businesses continue to prosper and flourish, governments must take a proactive role in developing entrepreneurship policies and programs.
Entrepreneurs are good for the economy and employment. The government supports innovative startups and helps them grow.
The best part is that it intends to bring women entrepreneurs to the forefront of the Indian entrepreneurial ecosystem by offering a wide spectrum of networks, loans, training, and markets.
The government plays an important role in the development of entrepreneurship. The central and state governments have set up a number of institutions to promote entrepreneurship.
1. Small Industries Development Organisation – (SIDO)
SIDO was launched in 1973 under the Ministry of Trade, Industry, and Marketing. It is an apex body, which is responsible for formulating policies for the promotion and development of small-scale industries.
SIDO is playing a very constructive role in strengthening this vital sector, which has proved to be one of the strong pillars of the economy of the country.
SIDO also provides extended support through a comprehensive plan for the promotion of rural entrepreneurship.
Its functions can be classified into three major categories – coordination, extension, and industrial development.
2. The Entrepreneurship Development Institute of India – EDI
EDI is a non-profit institution and autonomous body that came into existence in 1983. Moreover, many apex financial institutions like SBI, IDBI, IFCI, and ICICI are the primary sponsors of EDI.
It aims to become a catalyst in developing first-generation entrepreneurs through world-class education, research, and training. The institute firmly believes that the country can create talented entrepreneurs through well-directed and well-conceived initiatives.
3. Make in India
Make in India is a revolutionary scheme of the government of India launched in 2014 by Prime Minister Narendra Modi.
It aims to boost the domestic manufacturing functions of the country. Apart from this, Make in India also aims to encourage both domestic and foreign investments in the country.
This has led to renewed confidence in India’s capabilities among potential partners abroad, the business community within the
country, and citizens at large. The plan behind Make in India was one of the largest undertaken in recent history.
Among several other measures, the initiative has ensured the replacement of obsolete and obstructive frameworks with transparent and user-friendly systems.
This has in turn helped procure investments, foster innovation, develop skills, protect intellectual property, and build best-in-class manufacturing infrastructure.
4. Support to Training and Employment Programme for Women (STEP):
STEP was launched by the Government of India’s Ministry of Women and Child Development to train women with no access to formal skill training facilities, especially in rural India.
The Ministry of Skill Development & Entrepreneurship and NITI Aayog recently redrafted the Guidelines of the 30-year-old initiative to adapt to present-day needs.
The initiative reaches out to all Indian women above 16 years of age. The program imparts skills in several sectors such as agriculture, horticulture, food processing, handlooms, traditional crafts like embroidery, travel and tourism, hospitality, and computer and IT services.
5. Startup India:
Through the Startup India initiative, the Government of India promotes entrepreneurship by mentoring, nurturing, and facilitating startups throughout their life cycle.
Since its launch in January 2016, the initiative has successfully given a head start to numerous aspiring entrepreneurs.
With a 360-degree approach to enable startups, the initiative provides a comprehensive four-week free online learning program and has set up research parks, incubators, and startup centers across the country by creating a strong network of academia and industry bodies.
More importantly, a ‘Fund of Funds’ has been created to help startups gain access to funding.
At the core of the initiative is the effort to build an ecosystem in which startups can innovate and excel without any barriers, through such mechanisms as online recognition of startups.
The Startup India Learning Programme, Facilitated Patent filing, Easy Compliance Norms, Relaxed Procurement Norms, incubator support, innovation-focused Programmes for students, funding support, tax benefits, and addressing of
regulatory issues.
6. Science for Equity Empowerment and Development (SEED):
SEED aims to provide opportunities for motivated scientists and field-level workers to undertake action-oriented, location-specific projects for socioeconomic gain, particularly in rural areas.
Efforts have been made to associate national labs and other specialist S&T institutions with innovations at the grassroots to enable access to inputs from experts, and quality infrastructure.
SEED emphasizes equity in development so that the benefits of technology accrue to a vast section of the population, particularly the disadvantaged.
7. All India Small Scale Industries Board(AISSIB):
The Small Scale Industries Board (SSI Board) is the apex advisory body constituted to render advice to the Government on all issues pertaining to the small-scale sector.
It determines the policies and programs for the development of small industries with a Central Government Minister as its president and the representatives of various organizations i.e.
Central Government, State Government, National Small Industries Corporations, State Financial Corporations, Reserve Bank of India, State Bank of India, Indian Small Industries Board, Non-government members such as Public Service Commission, Trade and Industries Members.
8. Startup India Scheme – SIS
This scheme was launched in 2016. It is a government of India initiative that aims to generate employment, promote startups, and develop the economy. SIS gave rise to several programs that facilitate in building a stronger ecosystem to transform India. The Department for Promotion of Industry and Internal Trade manages this scheme.
9. Trade-related Entrepreneurship Assistance and Development (TREAD):
To address the critical issues of access to credit among India’s underprivileged women, the TREAD program enables credit availability to interested women through non-governmental organizations (NGOs). As such, women can receive the support of
registered NGOs in both accessing loan facilities and receiving counseling and training opportunities to kick-start proposed enterprises, in order to provide pathways for women to take up non-farm activities.
10. Digital India: The Digital India initiative was launched to modernize the Indian economy to make all government services available electronically.
The initiative aims to transform India into a digitally empowered society and knowledge economy with universal access to goods and services.
Given historically poor internet penetration, this initiative aims to make available high-speed internet down to the grassroots.
This program aims to improve citizen participation in the digital and financial space, make India’s cyberspace safer and more secure, and improve the ease of doing business.
Digital India hopes to achieve equity and efficiency in a country with immense diversity by making digital resources and services available in all Indian languages.
CONCLUSION
Be it SIS, STEP, Digital India, or Make in India the Indian government is taking every possible step to promote and encourage entrepreneurship in the nation. The government has also set up offices and help centers to assist budding entrepreneurs.
The Government initiated a vital role in developing entrepreneurship industries in urban, rural, and backward areas by providing various facilities with the objective of balancing regional development.
Central and State Government institutions in order to fulfill this objective.
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