Stimulating MSMEs, the government launches an innovative program; Will provide business design and financial assistance

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The Ministry of Micro, Small and Medium Enterprises launched the innovative MSME program on Thursday, March 11 to help entrepreneurs develop new businesses and a new step towards the Atmanirbhar Bharat mission. The program combines existing sub-schemes for small businesses around incubation, design and intellectual property rights (IPR).

The partner institutions are Indian Institute of Science (IISc) Bangalore, IITs, National Institute of Technology (NIT), National Institute of Design (NID) and others.

Mentoring, stimulating new ideas

The new strategy would create a hub for innovation activity, facilitating and guiding the development of ideas into a sensible business proposition. The business generated would further benefit society directly and could be marketed accordingly.

“Prime Minister Narendra Modi believes that India can become atmanirbhar, create jobs, boost entrepreneurship, adopt new technologies, improve GDP and exports through MSMEs. The program will support different ideas, and our companies should also strive to achieve strong growth in manufacturing the way companies in countries like the United States and China have achieved.The new initiative will provide support through advice, support financial and technical, Financial Express quoted MSME Minister Narayan Rane.

Incubation

The program would promote the adoption of the latest technologies by businesses. The ideas would then be incubated at eligible institutions recognized by the government.

Financial assistance of up to Rs 15 lakh will be provided for each innovation, in addition to support of up to Rs 1 crore for the purchase of factories and machinery for MSMEs.

Design

Individuals will be mentored and receive financial assistance to resolve design-related issues for new product development. The same aid will be granted for the improvement of existing products.

Micro-enterprises can access 75% of the total project cost, while small and medium-sized enterprises would benefit from funding up to 60%.

Intellectual property rights

IPRs come into play when MSME ideas need protection and commercialization. MSMEs would be eligible to get reimbursed for their costs incurred in registering a patent, trademark, geographical indications (GIs) and design.

The maximum aid would be Rs 5 lakh for a foreign patent, Rs 1 lakh for a domestic patent, Rs 2 lakh for a GI registration, Rs 15,000 for a design registration and Rs 10,000 for a brand.

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