Explain the elements of project formulation.
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Selection of Appropriate Technology: Modern technologies developed in advanced countries may not be suitable for adopting in the developing countries.
Resource Mobilization.
Non-Availability of Technically Qualified Personnel.
Absence of External Economies: A project has to depend upon other industries for the supply of raw material, power, spares, etc,
Knowledge About Government Regulations: The entrepreneur must have a piece of thorough knowledge about Government regulations, policies, licensing procedures, etc.
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