Condition of Rural Entrepreneurs in India

Condition of Rural Entrepreneurs in India

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April 21, 2023

Despite the increasing number, the output and condition of the rural entrepreneurs in India is troubling.

What variables encourage rural entrepreneurship?

• Skill Development - The National Rural Livelihoods Mission (NRLM) and Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) are both placement-linked skill development programmes. Rural entrepreneurship fosters innovation, invention, product development and manufacture, export promotion, and rural employment. These schemes provide for skilling in a PPP mode as well as guaranteed positions.

• Training - Rural self-employment and training institutions (RSETI) allow learners to get bank finance to launch micro-enterprises.

• Entrepreneurship promotion - The Startup India project encourages entrepreneurship among India's young.

• Long-term livelihoods - The Deen Dayal Antyodaya Yojana (DDAY) focuses on long-term livelihoods for rural people.

• Financial inclusion - NRLM, which currently boasts the world's biggest network of women's SHGs, has contributed to financial inclusion. Mudra Yojana also provides financial assistance.

• Marketing & Production - One district, one product (ODOP) identifies and promotes items that are distinctive to a given district. ODOP also connects entrepreneurs with market opportunities. In India, there are 8.2 million SHGs with 89 million members as of March 2023.

What are the obstacles to rural entrepreneurship?

• Rural infrastructure is inadequate.

• Limited financial access

• Inadequate formal vocational/technical training

• Low technological advancement

• The majority of entrepreneurs create things for their own consumption.

What is the current requirement?

• Productivity must be improved.

• Integrating policy assistance, infrastructure development, and capacity training for rural young entrepreneurs to provide a holistic strategy.

• Indigenous/hereditary talents - To scale up operations, support for fostering indigenous/hereditary skills is also essential.

• Technical know-how - Entrepreneurs must be well-versed in current technology

Source - The HINDU