Govt launches MSME Innovative Scheme

The Micro, Small and Medium Enterprises (MSME) Ministry on Thursday launched the MSME Innovative Scheme. It is a combination of three components i.e. Incubation, Design and Intellectual Property Rights (IPR).

MSME Innovative is a new concept for MSMEs with a combination of innovation in incubation, design intervention, and protecting IPR in a single-mode approach. “It is a holistic approach to unify, synergise and converge 3 sub-components and interventions with a single purpose,” said the Ministry.

The Ministry said, “The scheme will create awareness amongst MSMEs about India’s innovation and motivate them to become MSME Champions.”

It will act as a hub to boost innovation activities, facilitating and guiding the development of ideas into a viable business propositions.

The scheme was launched by the Minister for Micro, Small and Medium Enterprises (MSME), Narayan Rane. “MSMEs have an important role to play in Atmanirbhar Bharat. The scheme will help entrepreneurs in developing new ventures,” he said.

Minister of State (MoS), MSME, Bhanu Pratap Verma, who was also present at the lunch event, said, “MSME Innovation Scheme will promote and support untapped creativity of the sector.”

Details of the MSME Innovative Scheme

Innovation: The objective of this component is to promote and support untapped creativity and ideas. It also aims to promote the adoption of the latest technologies in MSMEs. Financial assistance up to Rs. 15 lakh per idea and up to Rs. 1.00 crore for relevant plants and machines will be provided.

Design: The objective of this component is to bring the Indian manufacturing sector and Design expertise/Design fraternity onto a common platform. Financial assistance up to Rs. 40 lakh for design project and up to Rs. 2.5 lakh for student projects will be provided.

IPR (Intellectual Property Rights): The objective of this component is to improve the IP culture in India and enhance the awareness of Intellectual Property Rights (IPRs) amongst the MSMEs. It encourages creative intellectual endeavors in the Indian economy. It also aims to take measures for the protection of ideas, technological innovation and knowledge-driven business strategies developed by the MSMEs. Financial assistance up to Rs. 5 lakh for Foreign Patent, Rs. 1.00 lakh Domestic Patent, Rs. 2.00 lakh for GI Registration, Rs. 15,000 for Design Registration, Rs.10,000/- for Trademark in the form of reimbursement will be given.