National Alliance of Young Entrepreneurs (NAYE) Sponsored an Entrepreneurial Development scheme with Bank of India in ______________.
|A. January 1920.|
B. August 1920.
C. January 1972.
D. August 1972.
The Correct Answer Is:
- D. August 1972.
The correct answer is D. August 1972. The National Alliance of Young Entrepreneurs (NAYE) sponsored an Entrepreneurial Development scheme with the Bank of India in August 1972. Let’s delve into the history and significance of this initiative, and then we’ll explain why the other options are not correct.
D. August 1972 (Correct Answer):
In August 1972, the National Alliance of Young Entrepreneurs (NAYE) collaborated with the Bank of India to launch an Entrepreneurial Development scheme. This scheme aimed to support and nurture young entrepreneurs by providing them with financial assistance, guidance, and resources to start and grow their businesses.
The partnership between NAYE and the Bank of India marked an important milestone in the promotion of entrepreneurship and small business development in India.
The scheme’s objectives were multifaceted, including:
1. Financial Support:
Under the Entrepreneurial Development scheme, young entrepreneurs could access loans and credit facilities from the Bank of India. This financial assistance was crucial for startups and small businesses that often struggle to secure capital.
2. Skill Development:
The initiative also focused on skill development and training for young entrepreneurs. It provided workshops, training programs, and resources to equip them with the knowledge and skills necessary to succeed in their entrepreneurial ventures.
3. Mentorship and Guidance:
Mentorship is a critical component of entrepreneurial success. NAYE and the Bank of India likely provided mentorship and guidance to help these young entrepreneurs navigate the challenges of business ownership.
4. Networking Opportunities:
Building a strong network is vital for entrepreneurs. The scheme may have facilitated networking events and opportunities for these young business owners to connect with like-minded individuals and potential partners or customers.
5. Entrepreneurship Promotion:
The partnership between NAYE and the Bank of India contributed to the broader promotion of entrepreneurship in India. It encouraged more young people to consider entrepreneurship as a viable career option and provided them with the necessary resources to get started.
Now, let’s explore why the other options are not correct:
A. January 1920 (Not Correct):
The year 1920 is significantly earlier than the actual establishment of NAYE and the initiation of the Entrepreneurial Development scheme with the Bank of India. Entrepreneurship support and structured development programs for young entrepreneurs were not as prevalent in India during that era.
B. August 1920 (Not Correct):
Similar to option A, August 1920 is too early for the initiation of a formal Entrepreneurial Development scheme in collaboration with NAYE and the Bank of India. Entrepreneurial development schemes of this nature did not exist in India at that time.
C. January 1972 (Not Correct):
While January 1972 is closer in time to the actual launch of the Entrepreneurial Development scheme, it is still not the correct date. NAYE’s collaboration with the Bank of India to promote entrepreneurship and support young entrepreneurs did not commence until August 1972.
In conclusion, the correct answer is D. August 1972, as this is the date when the National Alliance of Young Entrepreneurs (NAYE) partnered with the Bank of India to sponsor an Entrepreneurial Development scheme.
This initiative played a vital role in promoting entrepreneurship, providing financial support, skill development, mentorship, and networking opportunities for young entrepreneurs in India, contributing to the growth and success of small businesses in the country. The other options are not correct because they do not align with the historical timeline of this important initiative.