World Entrepreneurs’ Day(WED) is annually observed across the globe on 21st August to create awareness about entrepreneurship, innovation and leadership among the stakeholders.
The day also recognises and celebrates the efforts of individuals who start a business venture.
- The Alliance of International Business Associations (AIBA) leads the observance and invites people across the globe to promote World Entrepreneurs Day.
- The day highlights philanthropic, social and ethical business practices through conferences, awards and other initiatives.
Initiatives of Government of India to support Entrepreneurship:
Start-Up India Scheme:
i.Startup India is a flagship initiative of the Government of India which aims to create a strong ecosystem to support and nurture innovation and startups in India.
ii.The scheme was launched in April 2016 aims to provide bank loans between Rs.10 lakh and Rs. 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one-woman borrower per bank branch.
Pradhan Mantri Mudra Yojana (PMMY):
i.Pradhan Mantri Mudra Yojana (PMMY) is a scheme established by the government of India through Micro Units Development & Refinance Agency (MUDRA) Limited, a wholly-owned subsidiary of the Small Industries Development Bank of India (SIDBI).
ii.PMMY was launched by Prime Minister Narendra Modi in April 2015 to provide loans up to Rs 10 lakh to non-corporate, non-farm small/micro-enterprises.
iii.MUDRA has created 3 products under PMMY.
- Shishu : covering loans up to Rs 50,000.
- Kishor : covering loans above Rs 50,000 and up to Rs 5 lakh.
- Tarun : covering loans above Rs 5 lakh and up to Rs 10 lakh.
Note* – MIT ADT University has established the Centre for Research & Innovation for Young Aspirants(CRIYA) to create skilled individuals to solve societal problems. CRIYA was inaugurated on 10th September 2020.