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Govt launches Rs 200 cr scheme for innovation in agro-industry

 The government on Wednesday launched a Rs 200 crore scheme to set up a network of technology and incubation centres to accelerate entrepreneurship and promote start-ups for innovation and entrepreneurship in agro-industry.



New Delhi: The government on Wednesday launched a Rs 200 crore scheme to set up a network of technology and incubation centres to accelerate entrepreneurship and promote start-ups for innovation and entrepreneurship in agro-industry.

"The Scheme for Promotion of Innovation, Entrepreneurship and Agro-Industry will open vistas of incubation landscape to the micro segment of the vast rural economy," Micro, Small and Medium Enterprises (MSME) Minister Kalraj Mishra said at the launch.

"The scheme is designed to provide necessary skill set for setting up business enterprises and also to facilitate the market linkages available to entrepreneurs and to provide hand holding for a critical period to ensure self sustainability," he said.

The scheme envisages creation of a framework for start-up promotion through Small Industries Development Bank of India (SIDBI) by using innovative means of finance like equity, quasi-equity, angel fund, venture capital fund, impact funds and challenge funds.

In order to ensure that credit is available for start-ups, the MSME Ministry has created a fund of funds of Rs 60 crore to be channelised through SIDBI.

"A fund of funds has been created under SIDBI and Rs 60 crore has been earmarked for the purpose," Joint Secretary in the MSME Ministry Anil Kumar said.

"Success of the scheme will lie in how we are able to converge the advantages and knowledge of various stakeholders. The idea is to provide a platform on which multiple stakeholders can work together and address the employment needs of rural areas," MSME Secretary Madhav Lal said.

"We are launching the scheme today. We will add more components to the scheme as we move along," he added.

The partner institutions would be provided Rs 3 lakh per innovative idea selected for nurturing.

For successful commercialisation and mentoring, a grant of Rs 1 lakh per year for three years subject to a maximum of Rs 3 lakh would be given.

The scheme also entails Rs 62.50 crore fund for setting up of incubation centres by National Small Industries Corporation or Khadi and Village Industries Commission or Coir Board or any other institution/agency of the state or central government.

Besides, Rs 61.50 crore has been earmarked for setting up of technology incubation centres.

A sum of Rs 2 crore has been allocated for creation, updation and maintenance of database of technology centres network while Rs 17.75 crore will be spent on capacity building, including awards, surveys, studies, exposure visits and engagement of consultants.

The scheme emanates from Budget presented in July by Finance Minister Arun Jaitley, who had proposed a technology centre network to promote innovation, entrepreneurship and agro-industry by setting up a fund with a corpus of Rs 200 crore.

From Zee News

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