NIESBUD signs an MoU with MoRD to implement SVEP

National Institute of Entrepreneurship and Small Business Development (NIESBUD), an organisation under MSDE signed an MoU with the Ministry of Rural Development (MoRD) at the grass roots by planning the Start-up Village Entrepreneurship Programme (SVEP) to develop a sustainable model for promoting entrepreneurship.

Start-up Village Entrepreneurship Programme (SVEP)

It is a sub-component of DAY-NRLM of MoRD that aims to support entrepreneurs in rural areas. The partnership will help the rural community in setting up their trades and provide complete support till they are settled. This intervention will provide knowledge, advisory and financial support to the public.

Under the partnership, rural entrepreneurs will be able to access banking systems and get financial support to start their enterprises. The beneficiaries of the project are given by the Self-Help Group (SHG) ecosystem of DAY-NRLM and the scheme not only supports existing enterprises but new enterprises as well.

Mr. Rajesh Aggarwal, Secretary, MSDE

On the partnership, Mr. Rajesh Aggarwal, Secretary, Ministry of Skill Development and Entreprenuership said, “Our Hon’ble Prime Minister, Mr. Narendra Modi has highlighted that Indians should dream of becoming job creators from job seekers to which SVEP will help create an innovative ecosystem, accelerating economic and social gains at the community level. The scheme also aims at building a society with equal opportunities to all along with the financial support. I am confident that this partnership will help in training the rural community that will provide them with necessary resources for entrepreneurship and will pave the way for building Aatmanirbhar Bharat.”

Significance of rural entrepreneurship

Rural entrepreneurship can play a significant role in the economic development of India. A huge number of employment opportunities can be generated from the rural entrepreneurship for the people who are living in rural areas. In the past years, Skill India has been working to bridge the skill gap by giving entrepreneurs easy access to funding, providing the right mentorship and improving ease of doing business in the country.