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Boosting MSME, Govt Launches Innovative Scheme; Will Provide Design, Financial Aid To Bussiness
Writer: Devyani Madaik
A media enthusiast, Devyani believes in learning on the job and there is nothing off limits when it comes to work. Writing is her passion and she is always ready for a debate as well.
India, 16 March 2022 10:31 AM GMT
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A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
Creatives : Devyani Madaik
A media enthusiast, Devyani believes in learning on the job and there is nothing off limits when it comes to work. Writing is her passion and she is always ready for a debate as well.
The new strategy would create a hub for innovation activities, facilitating and guiding the development of ideas into a reasonable business proposition.
The Ministry of Micro, Small & Medium Enterprises launched the MSME Innovative Scheme on Thursday, March 11, to help entrepreneurs develop new ventures and a new step towards the Atmanirbhar Bharat mission. The scheme combines existing sub-schemes for small businesses around incubation, design, and intellectual property rights (IPR).
The partner institutions are the Indian Institute of Science (IISc) Bangalore, IITs, National Institute of Technology (NIT), National Institute of Design (NID), and others.
Mentoring, Boosting New Ideas
The new strategy would create a hub for innovation activities, facilitating and guiding the development of ideas into a reasonable business proposition. The business generated would further benefit society directly and can be marketed accordingly.
"Prime Minister Narendra Modi believes India can become atmanirbhar, create employment, boost entrepreneurship, adopt new technologies, enhance GDP and exports through MSMEs. The scheme will support different ideas, and our enterprises should also endeavour to achieve high growth in manufacturing the way businesses in countries like the US and China have achieved. The new initiative will ensure support through guidance, financial and technical support," Financial Express quoted MSME Minister Narayan Rane as saying.
Incubation
The scheme would promote the adoption of the latest technologies among businesses. The ideas would then be incubated at eligible institutions recognised by the government.
Financial assistance of up to Rs 15 lakh will be provided for each innovation, apart from up to Rs 1 crore support for procuring plant and machinery for MSMEs.
Design
The individuals will be mentored and given financial assistance towards solving design-related problems for new product development. The same aid will be provided for the improvement of existing products.
The micro enterprises can access up to 75 per cent of the total project cost, while small and medium businesses would be provided with 60 percent financing.
Intellectual Property Rights
IPR comes to play when the MSME ideas need protection and commercialisation. The MSMEs would be eligible to get their cost incurred on registration of a patent, trademark, geographical indications (GI), and design reimbursed.
The maximum assistance would be Rs 5 lakh for a foreign patent, Rs 1 lakh for a domestic patent, Rs 2 lakh for GI registration, Rs 15,000 for design registration, and Rs 10,000 for trademark.
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