Despite growing enthusiasm among entrepreneurs and significant advancements in small-scale industries, industrialization in Mizoram has faced challenges. Persistent issues include a lack of organizational structure, poor infrastructure (especially in communication and power), limited market access, and inadequate financing for new businesses. While there has been a general decline in the number of newly registered industrial units, from 594 in 2007-08 to 169 in 2015-16, recent economic reports show a rebound. Mizoram's economy has seen impressive growth, driven by the service sector, which accounted for over 45% of the state's Gross State Value Added (GSVA) in the 2022-23 financial year. Although the primary sector, which includes agriculture, forestry, and fishing, has faced a slight decline, sectors like horticulture and floriculture are showing positive trends. The Mizoram Startup Mission (MSUM) is addressing these challenges by promoting entrepreneurship through initiatives like the "MIZORAM RAHBI" competition, which provides micro-funding to promising startups. The goal is to create a supportive environment for entrepreneurship, especially among the youth, and to foster economic development through innovative ventures.
VISION & SCOPE
Mizoram is witnessing the rise of a young business class with sharp entrepreneurial acumen. The "MIZORAM RAHBI" initiative aims to encourage and support these aspiring startups and entrepreneurs, particularly those who are in the early stages of their ventures. Through this program, startups with innovative ideas are provided with the necessary capital and support to grow, contributing to the state's economic development and creating employment opportunities. The service sector, including healthcare and hospitality, continues to lead in investment and employment generation . The initiative emphasizes not just financial support but also the creation of a sustainable entrepreneurial culture in Mizoram, with mechanisms in place for monitoring and supporting funded ventures.
TARGET AUDIENCE
The Seed Grant Competition is open to all residents of Mizoram who have recently started their business. While all are welcome, the program primarily targets young, indigenous Mizo entrepreneurs who are keen to innovate and contribute to the state's economic landscape.