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What is the News?
The Union Minister for MSME has launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME IDEA HACKATHON 2022.
What is the MSME Innovative Scheme?
Nodal Ministry: Ministry of MSME
Aim: a) To promote and support untapped creativity of the MSME sector and b) To act as a hub for innovation activities, facilitating and guiding the development ideas into a viable business proposition that benefits society directly.
The three sub-schemes under this scheme include:
Incubation: It aims to promote and support untapped creativity and to promote the adoption of the latest technologies in MSMEs that seek the validation of their ideas at the proof-of-concept level. Financial assistance up to Rs 15 lakh per idea and up to Rs one crore for relevant plants and machines will be provided.
Design: It aims to bring the Indian manufacturing sector and design expertise/design fraternity onto a common platform. Financial assistance up to Rs 40 lakh for design projects and up to Rs 2.5 lakh for student projects will be provided.
IPR (Intellectual Property Rights): It aims to improve the IP culture in India with a view to enhance the awareness of Intellectual Property Rights(IPRs) amongst the MSMEs and to encourage creative intellectual endeavour in the Indian economy. Financial assistance upto Rs 5 lakh for a foreign patent, Rs one lakh for a domestic patent, Rs two lakh for GI registration, Rs 15,000/- for design registration, Rs.10,000/- for a trademark in the form of reimbursement.
Source: This post is based on the article “Union Minister launches MSME Innovative Scheme (Incubation, Design and IPR) & MSME IDEA HACKATHON 2022 under MSME Champions Scheme” published in PIB on 10th Mar 2022.
