Samacheer Kalvi 12th Commerce Solutions Chapter 25 Government Schemes For Entrepreneurial Development

Students can Download Commerce Chapter 25 Government Schemes For Entrepreneurial Development Questions and Answers, Notes Pdf, Samacheer Kalvi 12th Commerce Book Solutions Guide Pdf helps you to revise the complete Tamilnadu State Board New Syllabus and score more marks in your examinations.

Tamilnadu Samacheer Kalvi 12th Commerce Solutions Chapter 25 Government Schemes For Entrepreneurial Development

Samacheer Kalvi 12th Commerce Government Schemes For Entrepreneurial Development Textbook Exercise Questions and Answers

I. Choose the Correct Answer

Question 1.
The ______ initiative was launched to modernize the Indian economy to make all government services available electronically.
(a) Standup India
(b) Startup India
(c) Digital India
(d) Make in India
Answer:
(c) Digital India

Question 2
______ is designed to transform India to a global design and manufacturing hub.
(a) Digital India
(b) Make in India
(c) Startup India
(d) Design India
Answer:
(b) Make in India

Question 3.
______ is the Government of India’s endeavour to promote culture of innovation and entrepreneurship.
(a) AIM
(b) STEP
(c) SEED
(d) AIC
Answer:
(a) AIM

Samacheer Kalvi 12th Commerce Solutions Chapter 25 Government Schemes For Entrepreneurial Development

Question 4.
______ should cover aspects like sources of finance, technical know-how, source of labour and raw material, market potential and profitability.
(a) Technical Report
(b) Finance Report
(c) Project Report
(d) Progress Report
Answer:
(c) Project Report

Question 5
______ has to include the mechanism for managing venture in the project report.
(a) Banker
(b) Government
(c) Lending Institutions
(d) Entrepreneur
Answer:
(d) Entrepreneur

II. Very Short Answer Questions

Question 1.
Name any four Governmental Entrepreneurial schemes.
Answer:
Through the Startup India initiative, the Government of India promotes entrepreneurship by mentoring, nurturing and facilitating startups throughout their life cycle. Modified Special Incentive Package Scheme (M-SIPS), New Gen Innovation and Entrepreneurship Development Centre (New Gen IEDC), Dairy Entrepreneurship Development Scheme, and Single Point Registration Scheme (SPRS) are some of the Governmental Entrepreneurial schemes.

Question 2.
Give a note on ‘Digital India’.
Answer:
The Digital India initiative has been launched to modernize the Indian economy to make all government services available electronically.

Question 3.
State any three entrepreneurial development schemes of Government of Tamil Nadu.
Answer:
Entrepreneurial development schemes of Government of Tamil Nadu:

  1. Micro, small and medium enterprises (MSMEs)
  2. New Entrepreneur-Cum-Enterprise Development Scheme (NEEDS)
  3. Self-Help Group (SHG)

Question 4.
List down the two types of finance.
Answer:
Entrepreneur requires two types of finance namely long term and short term. While long term requirements are needed for acquiring fixed assets, short-term requirement are meant for meeting working capital needs.

Question 5.
Mention the time period of Provision Registration Certificate.
Answer:
Entrepreneur has to apply for Provisional Registration certificate. It will be issued to entrepreneur after the fulfilment of certain conditions for a period of one year subject to renewal of two periods of six months duration.

Samacheer Kalvi 12th Commerce Solutions Chapter 25 Government Schemes For Entrepreneurial Development

III. Short Answer Questions

Question 1.
What is ‘Startup India’?
Answer:
Through the Startup India initiative, Government of India promotes entrepreneurship by mentoring, nurturing and facilitating startups throughout their life cycle.

Question 2.
Expand the following: STEP, JAM, TREAD, M-SIPS, SEED and New Gen IEDC
Answer:
STEP: Support to Training and Employment Programme for women
JAM: Jan-Dhan-Aadhaar-Mobile
M-SIPS: Modified Special Incentive Package Scheme
SEED: Science for Equity Empowerment and Development
New Gen IEDC: New Gen Innovation and Entrepreneurship Development Centre
TREAD: Trade Related Entrepreneurship Assistance and Development

Question 3.
Write a short note on the following
Answer:
(a) Dairy Entrepreneurship Development Scheme
(b) Project Report
Dairy Entrepreneurship Development Scheme: Dairy Entrepreneurship Development Scheme aims at helping entrepreneurs in the field of Agriculture, pets and animals.
Project Report: Project reports needs to be prepared according to the format prescribed in the loan application form of term lending institutions.

Samacheer Kalvi 12th Commerce Solutions Chapter 25 Government Schemes For Entrepreneurial Development

Question 4.
What is the procedure for getting power connection for an Entrepreneurial venture?
Answer:
Entrepreneur has to make application to Assistant Divisional Engineer of State Electricity Board for power connection after paying Security Deposit and fulfilling the official formalities prescribed.

IV. Long Answer Questions

Question 1.
Explain any five Government Entrepreneurial schemes.
Answer:
To support and strengthen the Start-up culture in India, the Government has launched various schemes. They are as follows:

1. The Modified Special Incentive Package Scheme (M-SIPS): The M-SIPS scheme provides capital subsidy of 20% in SEZ and 25% subsidy in non-SEZ for business units engaged in manufacturing of electronic goods.

2. New Gen Innovation and Entrepreneurship Development Centre (New Gen IEDC): It provides a limited one time non-recurring financial assistance to entrepreneurship up to Rs. 25 lakhs in the fields of chemicals, technology, health care, defence, etc.

3. Dairy Entrepreneurship Development Scheme: Dairy Entrepreneurship Development Scheme aims at helping entrepreneurs in the fields of agriculture, pets and animals and dairy farms.

4. Single Point Registration Scheme: A great scheme for micro and small enterprises which provides an exemption from payment of Earnest Money Deposit.

5. Atal Incubation Centres (AIC): The Government of India has set up the Atal Innovation Mission (AIM) at NITI Aayog in 2016 with the over arching purpose of promoting a culture of innovation and entrepreneurship in the country.

Samacheer Kalvi 12th Commerce Solutions Chapter 25 Government Schemes For Entrepreneurial Development

Question 2.
Describe the steps for promoting Entrepreneurial venture.
Answer:
Steps for promoting entrepreneurial venture:

  1. Selection of the product: An entrepreneur may select a product according to his capacity and motivation after a thorough scrutiny of micro and macro environment of business.
  2. Selection of form of ownership: Entrepreneur has to choose the form of organisation suitable and appropriate for his venture namely family ownership, partnership and private company.
  3. Selection of site: Entrepreneur has to choose suitable plot for starting his venture. The plot may be industrial site, land by the private people or housing board plot allotted.
  4. Designing capital structure: The entrepreneurs has to determine the source of finance for funding the venture. It may be own savings, loan from friends, relatives or loan from banks.
  5. Acquisition of Manufacturing know-how: Entrepreneur can acquire manufacturing know-how from government research laboratories and industrial consultants.
  6. Preparation of project report: Project reports needs to be prepared according to the format prescribed in the loan application forms.

Question 3.
Discuss the preparation of a project report.
Answer:
An entrepreneur can get the report prepared by technical consultancy organisations or by
auditors or by government agencies. The report should include the following:

  1. Technical feasibility: It should contain the description of product, raw materials, quality control measures, water, power and transport.
  2. Economic viability: It involves compilation of demand for domestic and export market.
  3. Financial viability: It should cover the aspects like: Non-recurring expenses like cost of land, and building. Recurring expenses like wages and salaries.
  4. Managerial competency: Entrepreneurs has to include the mechanism for managing the venture in the project report.
  5. Provisional registration certificate: He has to apply for provisional registration certificate. It will be issued after certain conditions for a period of one year.
  6. Permanent registration certificate: If the venture has commenced production, or is ready to commence production, it is eligible to get permanent registration certificate.
  7. Statutory licence: He should obtain Municipal Licence from the authority concerned.
  8. Power connection: He has to make application to Assistant Divisional Engineer of Electricity Board for power connection.
  9. Arrangement of finance: Entrepreneur requires two types of finance namely Long term and Short term.

Samacheer Kalvi 12th Commerce Government Schemes For Entrepreneurial Development Additional Questions and Answers

I. A. Fill in the blanks

  1. Stand-up-India scheme was launched in _________
  2.  _________ initiative has been launched to modernise the Indian economy to make all Government services available electronically.

Answers:

  1. 2015
  2. Digital India

II. Very Short Answer Questions

Question 1.
Write a note on JAM.
Answer:
Jan-Dhan-Aadhaar-Mobile (JAM), is a technological intervention that enables direct transfer of subsidies to specific beneficiaries and therefore eliminates all intermediaries and leakages in the system.

III. Short Answer Questions

Question 1.
What is meant by SEED?
Answer:
SEED (Science for Empowerment and Development) aims to provide opportunities to motivated scientists and field level workers to undertake the action-oriented, location specific projects for socio-economic gains, in rural areas. The benefits of technology reaches to a vast section of the population.

Samacheer Kalvi 12th Commerce Solutions Chapter 25 Government Schemes For Entrepreneurial Development

Question 2.
Describe the term ‘Stand Up India’ Scheme.
Answer:
Stand-Up India scheme was launched in 2015. It seeks to leverage institutional credit for the benefit of India’s underprivileged. It aims at enabling economic participation of, women entrepreneurs, Scheduled Castes and Scheduled Tribes and share the benefit of Indian growth.

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