Notwithstanding the enthusiasm amongst the entrepreneurs and the significant progress made in the field of small scale industries, the pace of industrialisation in Mizoram has been rather sluggish due to many persistent adverse factors, among which, lack of organisational structure, poor infrastructural facilities like communication and power, inadequate market knowledge and access are prominent. Paucity of ready source for financing fresh businesses also hinders growth in this sector.
The Economic Survey of Mizoram for 2015-16 indicates that the total number of industrial units registered each year has shown a generally declining trend from 594 in 2007-08 to 169 in 2015-16. Interestingly, in terms of flow of investment and generation of employment, their contribution has been high and rising for the same period. Among these units, service sector such as healthcare, hotels etc. are having higher investment and employment as compared to manufacturing sector.
It is, therefore, imperative to adopt a holistic approach for creating a conducive business environment and motivate the spirit of entrepreneurship in the State. Under the aegis of NEDP, the Entrepreneurship Development Scheme (EDS) has been formulated with the objective of imparting to the people the skills necessary to prepare them to start their own venture and provide them with institutional and knowledge-based support to successfully run their business. One of the key ingredients of the scheme is the Micro Startup Capital Competition which, as the nomenclature suggests, aims to provide micro funding to potential and promising start-up ventures through an unbiased competitive selection process.
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