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Post at: Apr 16 2022

MSME Innovative Scheme

Why in news

  • On 10 march 2022,Ministry of MSME (Medium, Small and Micro Enterprises) launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME IDEA HACKATHON 2022.

Key Highlights
About the scheme-

  • MSME Innovative is a new concept for MSMEs with a combination of innovation in Incubation, Design intervention and by Protecting IPR in a single mode approach.
  • It is the combination of existing sub-schemes around Incubation, Design, and Intellectual Property Rights (IPR) for MSMEs.
  • The government also announced equity support of up to Rs 1 crore for commercialisation of ideas, designs and patents across all three sub-schemes.
  • For this, a separate corpus will be created and managed by SIDBI (Small Industries Development Bank of India) as the fund manager.

  • Financial assistance up to Rs. 40 lakh for design project and up to Rs. 2.5 lakh for student project will be provided.

Significance-

  • The new scheme will ensure support through guidance, technical support, and more to MSMEs to scale up.It is also to help MSMEs further scale up to raise subsequent funding.
  • The new scheme would act as a hub for innovation activities facilitating and guiding the development of ideas into viable business propositions that can benefit society directly and can be marketed successfully.
  • Moreover,this is small help to the MSME sector, which accounts for a major share in the country's exports and manufacturing through technical and financial support.
  • Thus Scheme will  promote and support untapped creativity of MSME sector that MSMEs can play an important role in becoming Atmanirbhar Bharat.
     

 


 


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