What was the main objective of setting up the National Minorities Deve...
The main objective of setting up the National Minorities Development and Finance Corporation (NMDFC) was to alleviate the lot of 14% of India's population belonging to minorities. The NMDFC aims to promote economic and developmental activities for the benefit of backward sections among minorities, provide loans and advances for financially viable schemes, and promote self-employment and other ventures for the benefit of minorities.
What was the main objective of setting up the National Minorities Deve...
Objective of NMDFC
The National Minorities Development and Finance Corporation (NMDFC) was established with a specific mandate aimed at improving the socio-economic conditions of minority communities in India.
Main Objective
- The primary goal of NMDFC is to alleviate the lot of 14% of India's population belonging to minorities. This encompasses a range of communities that have historically faced economic and social challenges.
Key Functions
- Financial Assistance: NMDFC provides financial support in the form of loans and subsidies to promote self-employment and entrepreneurship among minority groups.
- Skill Development: The corporation focuses on enhancing skills and capacities through various training programs, thereby empowering individuals within minority communities to seek better employment opportunities.
- Social Development Initiatives: NMDFC also engages in initiatives that improve the overall social well-being of minorities, such as promoting education and healthcare access.
Impact on Minority Communities
- Economic Empowerment: By facilitating access to credit and resources, NMDFC plays a crucial role in uplifting the economic status of minorities.
- Employment Generation: The focus on entrepreneurship and skill development leads to job creation, thereby reducing unemployment rates among these communities.
- Inclusive Growth: NMDFC's efforts contribute to the broader goal of inclusive growth in India, ensuring that the benefits of development reach all sections of society, particularly marginalized groups.
In summary, the establishment of the NMDFC is fundamentally about addressing the socio-economic disparities faced by minority communities, making option 'B' the correct answer.