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Supporting the entrepreneurs of India, Narayan Rane introduces MSME Innovation Scheme

It’s an amazing day for all the entrepreneurs and new ventures because Mr. Narayan Tatya Rane, Union Minister of MSME has launched MSME Innovation Scheme for macro and micro enterprises in India. This scheme will help the start-ups with incubation, designing, and IPR as well.

The amalgamation of these three correlated sectors was the need of the hour for Indian start-ups to be able to grow with firm support from the government. Mr. Rane highlighted the fact that MSMEs have the potential to build an effective Aatmanirbhar Bharat through ideas that can disrupt the existing system.

Hence, this scheme is launched by MSME to uplift ideas that are worth commercializing and giving out to society for its benefit. BB Swain, Secretary of MSME emphasized that MSME’s newly launched scheme will promote such innovative activities and guide budding entrepreneurs to help them develop a profitable business out of it.

The scheme focuses on three important areas and given below are the details for the same.

Incubation

This area primarily focuses on polishing the proof-of-concept and validating the ideas to create a growth strategy for the business. This is will not only provide financial help of up to Rs. 15 lakhs, but will also help the businesses in adopting the latest technologies that will escalate the growth of the start-up. Apart from this, Rs. 1 crore will be allotted to set up plants and appropriate machinery for the same.

Design Intervention

This is a creative effort to enhance the product design facility for Indian start-ups with innovative product-based business ideas. The manufacturers and design experts are made to collaborate using the platform provided by the Ministry of MSME. Through this scheme, the expert solutions are not only accessible to growing start-ups but also cost effective and feasible in the long run. It promotes the evolution of new products through the financial assistance of Rs. 40 lakhs and up to Rs. 2.5 lakhs for projects proposed by students.

Intellectual Property Rights (IPR)

The IP culture in India is quite weak and not many start-ups are aware of protecting their unique selling proposition or ideas in the market. To maintain healthy competition and boost creativity, MSME has decided to give due credits to non-tangible properties that are worth protecting. The entrepreneurs are made aware of the tools available to them for protecting designs, technological innovations, and trade secrets in general. IP facilitation center will be set up and accessible to start-ups for proper utilization of intellectual property rights and accurate guidance on commercialization of the ideas. Apart from this, a sum of Rs. 5 lakhs for a foreign patent, Rs. 1 lakh for a domestic patent, Rs. 2 lakhs for GI registration, and Rs. 15000 for design registration, and Rs. 10000 for trademark registration will be reimbursed to the respective start-up or entrepreneur.

In the light of all the aforesaid facts, it is quite evident that India is going to be the hub of innovative technologies and we’ll certainly become Aatmanirbhar if we keep going at this pace.

What do you think?

Ravi Tilekar

Written by Ravi Tilekar

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