Role of State and Central Government and Private Institution in Entrepreneurship

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Studying the role of government in entrepreneurship is important for several reasons. Firstly, it highlights how entrepreneurs contribute to national income and create wealth, not only for themselves but also for related businesses. 

Also, entrepreneurship has the ability to improve standards of living and drive change with innovation, where new and improved products enable new markets to be developed

Finally, higher earnings thanks to entrepreneurship can help boost national income and tax revenue, which can have a positive impact on the economy. 

So, By understanding the role of government in promoting entrepreneurship, we can gain idea for how to create a more supportive environment for entrepreneurs and promote more people to take their entrepreneurial dream comes true.

Initiative by State Government and Central Government

Role of Government in Entrepreneurship

  1. Startup India: This is a flagship initiative of the Government of India to promote entrepreneurship and create a supportive ecosystem for startups. The program aims to provide funding, mentorship, and other resources to startups, as well as simplify the regulatory framework for starting and running a business.
  1. Atal Innovation Mission (AIM): This is a government initiative to promote innovation and entrepreneurship among young people in India. The program aims to provide funding, mentorship, and other resources to startups and innovators, as well as create a culture of innovation in the country.
  1. Make in India: This is an initiative launched by the Government of India to promote manufacturing and attract foreign investment in the country. The program aims to create jobs, boost economic growth, and position India as a global manufacturing hub.
  1. Support to Training and Employment Programme for Women (STEP): This is a government program that provides training and employment opportunities to women in India. The program aims to empower women by providing them with the skills and resources they need to start and run their own businesses.
  1. Jan Dhan – Aadhaar – Mobile (JAM): This is a technological intervention that enables direct transfer of subsidies to intended beneficiaries and eliminates intermediaries and leakages in the system. The program aims to provide banking services to underserved regions and make banking services accessible down to the last mile.
  1. Digital India: This is an initiative launched by the Government of India to modernize the Indian economy and make all government services available electronically. The program aims to transform India into a digitally-empowered society and knowledge economy with universal access to goods and services.
  1. Biotechnology Industry Research Assistance Council (BIRAC): This is a not-for-profit Public-Sector Enterprise, set up by the Department of Biotechnology to strengthen and empower emerging biotechnology enterprises. The program aims to provide funding, mentorship, and other resources to biotech startups and innovators.
  1. Department of Science and Technology (DST): This is a government department that promotes scientific research and innovation in India. The department provides funding, mentorship, and other resources to scientists and innovators, as well as creates a supportive ecosystem for scientific research and innovation.
  1. Trade related Entrepreneurship Assistance and Development (TREAD): This is a government program that enables credit availability to interested women through non-governmental organizations (NGOs). The program aims to provide support to women in accessing loan facilities, and receiving counseling and training opportunities to kick-start proposed enterprises.
  1. Pradhan Mantri Kaushal Vikas Yojana (PMKVY): This is a government program that aims to provide skill development training to youth across the country. The program aims to create a skilled workforce that can contribute to the country’s economic growth and development.
  1. Trade related Entrepreneurship Assistance and Development (TREAD): This is a government program that provides support to women entrepreneurs in India. The program aims to provide training, counseling, and credit facilities to women entrepreneurs, as well as create a supportive ecosystem for women-led businesses.

Overall, these government initiatives and programs aim to create a supportive ecosystem for entrepreneurship and innovation in India. They provide funding, mentorship, training, and other resources to entrepreneurs and innovators, as well as create policies and regulations that support entrepreneurship and remove barriers to entry. 

By promoting entrepreneurship and innovation, the government aims to create jobs, boost economic growth, and position India as a global leader in innovation and technology.

Institutions set up by Central Government 

Central Government has set up a number of institutions to promote entrepreneurship development in India. These institutions include:

  1. Small Industries Service Institute (SISI): SISI is an institution set up by the Central Government to provide support to small-scale industries in India. The institute provides training, counseling, and other support services to entrepreneurs, as well as helps them access credit facilities and other resources.
  1. State Financial Corporation (SFC): SFC is a financial institution set up by the state governments to provide financial assistance to small and medium-sized enterprises (SMEs) in India. The corporation provides loans, guarantees, and other financial services to entrepreneurs, as well as helps them access credit facilities and other resources.
  1. State Small Industries Corporation (SSIC): SSIC is an institution set up by the state governments to promote the development of small-scale industries in India. The corporation provides training, counseling, and other support services to entrepreneurs, as well as helps them access credit facilities and other resources.
  1. District Industries Centers (DIC): DIC is an institution set up by the state governments to promote the development of small-scale industries in the districts of India. The center provides training, counseling, and other support services to entrepreneurs, as well as helps them access credit facilities and other resources.
  1. Technical Consulting Organization Ltd. (TCO): TCO is an institution set up by the Central Government to provide technical assistance and consulting services to entrepreneurs in India. The organization provides training, counseling, and other support services to entrepreneurs, as well as helps them access credit facilities and other resources.
  1. Industrial Directorates: Industrial Directorates are institutions set up by the state governments to promote the development of industries in India. The directorates provide training, counseling, and other support services to entrepreneurs, as well as helps them access credit facilities and other resources.
  1. Commercial and Cooperative Banks: Commercial and Cooperative Banks are financial institutions that provide loans, guarantees, and other financial services to entrepreneurs in India. These banks help entrepreneurs access credit facilities and other resources.
  1. State Industrial Development Corporation: State Industrial Development Corporation is an institution set up by the state governments to promote the development of industries in India. The corporation provides training, counseling, and other support services to entrepreneurs, as well as helps them access credit facilities and other resources.
  1. Industrial Estates: Industrial Estates are areas set up by the state governments to promote the development of industries in India. These estates provide infrastructure, training, counseling, and other support services.

Concussion

The Central and State Governments have set up various institutions and initiatives to promote entrepreneurship development in India, including the Small Industries Service Institute, State Financial Corporation, District Industries Centers, and more. 

These institutions provide training, counseling, financial assistance, and other support services to entrepreneurs, helping them access credit facilities and other resources. 

So, By promoting entrepreneurship also women entrepreneurship and innovation, the government aims to create jobs, boost economic growth, and position India as a global leader in innovation and technology.

Reference

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<https://www.jetir.org/papers/JETIR2209146.pdf>.

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