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State Industrial Development Corporations were established by _______
  • a)
    Ministry of Finance
  • b)
    Different States
  • c)
    Central Government
  • d)
    None of these
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
State Industrial Development Corporations were established by _______a...
The correct answer is option 'B', Different States.

State Industrial Development Corporations (SIDCs) are government entities established by different states in India to promote industrial development within their respective states. These corporations play a vital role in attracting investments, facilitating industrial growth, and providing support to industries.

**Role and Functions of State Industrial Development Corporations:**

1. **Promoting Industrial Development:** SIDCs are responsible for promoting industrial development within their respective states. They identify potential industries and encourage them to set up their operations by offering various incentives and support.

2. **Providing Infrastructure:** SIDCs develop and provide infrastructure facilities like industrial estates, industrial parks, and special economic zones (SEZs) to facilitate industrial growth. These facilities include land, industrial sheds, warehouses, power supply, water supply, and other necessary amenities.

3. **Attracting Investments:** SIDCs actively work towards attracting domestic and foreign investments to their states. They organize investment promotion events, roadshows, and participate in trade fairs to showcase the investment opportunities and incentives available.

4. **Facilitating Clearances:** SIDCs assist industries in obtaining necessary clearances and approvals from government agencies. They act as a single point of contact for industries, reducing bureaucratic hurdles and ensuring a smooth process.

5. **Providing Financial Assistance:** SIDCs provide financial assistance to industries in the form of term loans, working capital loans, and equity participation. They collaborate with financial institutions and banks to offer attractive financing options to industries.

6. **Skill Development:** SIDCs also focus on skill development and training programs to enhance the employability of the local workforce. They partner with educational institutions and training centers to provide industry-specific training and skill upgrades.

7. **Promoting MSMEs:** SIDCs actively support Micro, Small, and Medium Enterprises (MSMEs) by providing them with necessary guidance, financial assistance, and infrastructure support. They play a crucial role in nurturing and promoting the growth of MSMEs.

Overall, State Industrial Development Corporations play a pivotal role in driving industrial development, attracting investments, and supporting industries in their respective states. They act as catalysts for economic growth, job creation, and overall development of the industrial sector.
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State Industrial Development Corporations were established by _______a...
Because the industries here to Make profit
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