Ministry Of Micro, Small & Medium Enterprises Launches MSME Innovative Scheme.

Why in news?

• The scheme is a holistic approach that combines innovation in incubation, design intervention and protect IPR to create awareness amongst MSMEs about India’s innovation and motivate them to become MSME Champions.
• CHAMPIONS (Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength) is basically for making the smaller units big by helping and handholding, in particular, by solving their problems and grievances.
• Details of MSME Innovative Scheme
• Incubation
• Objective: To promote and support untapped creativity and to promote adoption of latest technologies in MSMEs.
• Financial assistance: Up to Rs. 15 lakh per idea and up to Rs. 1 crore for relevant plant and machines.
• Design
• Aim: To provide expert advice and cost-effective solution on real time design problems for new product development, its continuous improvement and value addition.
• Financial assistance: Up to Rs. 40 lakh for design project and up to Rs. 2.5 lakh for student project.
• IPR (Intellectual Property Rights)
• Objective: To improve the IP culture in India with a view to enhance the awareness of IPRs amongst the MSMEs.
• Also aims to take suitable measures for the protection of ideas, technological innovation and knowledge-driven business strategies developed by MSMEs.
• Financial assistance will be provided for Foreign Patent, Domestic Patent, GI Registration etc.