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

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

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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

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:

  • Start up India
  • Stand up India
  • Make in India
  • Digital India

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 the Government of Tamil Nadu.
Answer:

  • Long term Finance: Which are needed for acquiring Fixed Assets
  • Short term Finance: Which are meant for meeting working capital needs

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

III. Short Answer Questions

Question 1.
What is ‘Startup India’?
Answer:

  • Through the startup India initiative, Indian Government promotes entrepreneurship by mentoring, nurturing and facilitating startups throughout their life cycle.
  • It was launched in January 2016, the initiative has successfully given a head start to numerous aspiring entrepreneurs.
  • A ‘fund of funds has been created to help startups gain access to funding.

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
(a) Dairy Entrepreneurship Development Scheme
(b) Project Report
Answer:
a) Dairy Entrepreneurship development scheme:
‘DEDS aims at helping entrepreneurs in the field of Agriculture, Pet Animals, and Social impact to set up small Dairy Farms.
Incentives are provided to cover the cost of the required equipment or establishment of the facility.

b) Project report:
Project Report Covers Sources of Finance, Techriicil Know-how, Sources of Labour and Raw Materials, market Potential and Profitability.

Question 4.
What is the procedure for getting a power connection for an Entrepreneurial venture?
Answer:
The entrepreneur has to make an application to the Assistant Divisional Engineer of the 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 a capital subsidy of 20% in SEZ and 25% subsidy in non-SEZ for business units engaged in the 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, defense, 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 overarching purpose of promoting a culture of innovation and entrepreneurship in the country.

Question 2.
Describe the steps for promoting an Entrepreneurial venture.
Answer:
Selection of the product:
An entrepreneur may select a product according to his aspiration, capacity, and motivation after a through scrutiny of micro and macro environment of business [New product or imitated one or improve the existing product]

Selection of form of ownership:
He has to choose the form of organization suitable and appropriate for his venture [Family ownership or partnership or private limited company

Selection of site:

  • He has to choose a suitable plot for accommodating his venture
  • SIDCO, SIPCOT, MMDA, TNHB, May allot a plot to entrepreneurs
  • Provided by SIDA
  • Following things may be considered in choosing a site.
  • Nearness to market and native place infrastructure facilities

Designing capital structure:

  • For funding the venture, he may mobilize from his own savings, loans from friends, relatives, banks and Financial institutions.

Acquisition of manufacturing know-how:
He can acquire manufacturing know-how from government Research labs, Research and development divisions of industries and individual consultant.

Preparation of project Report:
Project reports need to be prepared according to the format prescribed in the loan application form of term lending institutions.

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 an application to Assistant Divisional Engineer of the 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.
State any three entrepreneurial development schemes of the Government of Tamil Nadu.
Answer:

  • Entrepreneurial Development Scheme
  • New Entrepreneur Enterprise Development Scheme (NEEDS)
  • Directorate of Adi Dravida welfare.
  • Tamilnadu Industrial Co-operative Bank Ltd.

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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