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MSME Minister Narayan Rane launches MSME Innovative Scheme & MSME Idea Hackathon 2022

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Govt launches Innovative Scheme to provide incubation

On March 10, 2022, Union Minister Narayan Tatu Rane, Ministry of Micro, Small & Medium Enterprises (M/o MSME) launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME Idea Hackathon 2022 from Vigyan Bhawan, New Delhi (Delhi).

  • It will act as a hub for innovation activities which will facilitate ideas into businesses thus benefiting society.

About MSME Innovative Scheme:

It is a combination of three existing sub-schemes viz. incubation, design intervention, and Intellectual Property Rights (IPR) for MSMEs. However, these three schemes will also continue to operate as individual programs.  These sub-schemes are explained as below:

i.Incubation: It promotes adoption of 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 1 crore for relevant plant and machines

ii.Design: Its objective is to bring Indian manufacturing sector and Design fraternity on to a common platform. It provides expert advice and cost-effective solution on real time design problems for new product development,

  • Financial Assistance: Up to Rs 40 Lakh for design project and up to Rs 2.5 lakh for student project

iii.IPR (Intellectual Property Rights): Its objective is to improve the IP culture in India by raising awareness regarding IPRs amongst the MSMEs. It envisages effective utilization of IPR tools through IP Facilitation Centre. It takes suitable measures for the protection of ideas, technological, innovation and business strategies developed by the MSMEs for their commercialization

  • Financial Assistance: 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.

About MSME Idea Hackathon 2022:

The M/o MSME launched MSME Idea Hackathon to invite ideas from MSMEs, innovators and students through host institutes from March 10 to March 24, 2022. This Hackathon is a part of MSME Innovative Scheme. Click Here to Register

  • Financial assistance up-to maximum of Rs. 15 lakh per approved idea will be provided to Host Institute (HI) for developing the idea into prototype.

Recent Related News:

On 24th January 2022, Hitachi Payment Services partnered with Indipaisa to develop a new Fintech platform for India’s 63 million Micro, Small & Medium Enterprises (MSMEs). It offer high-quality digital platform for fintech services at affordable prices for the Indian
MSME market.

About Ministry of Micro, Small & Medium Enterprises (M/o MSME):

Union Minister–  Narayan Tatu Rane (Constituency- Rajya Sabha, Maharashtra) 
Minister of State (MoS)– Bhanu Pratap Verma (Constituency- Jalaun, Uttar Pradesh)