Govt invites business ideas from MSMEs, startups; winners to get Rs 15 lakh fund each
The Ministry of Micro, Small and Medium Enterprises (MSMEs) has invited applications from startups, technocrats, students, and MSMEs from all over India under the scheme of the Office of Development Commissioner – MSME, for ‘Support for Entrepreneurial and Managerial Development of MSMEs through Incubators’.
The ideas for New India are being invited from innovators, and the incubators/host institutions (HI) approved for the scheme will be supported by the Office of DC-MSME. The selected candidates will be provided funding support of up to Rs 15 lakh per approved idea through the business incubators chosen by them.
During Union Budget 2020, Finance Minister Nirmala Sitharaman allocated Rs 900 crore debt-funding for MSMEs, stating that the sector is pivotal to keep the wheels of Indian economy moving.
The MSME website states,
“It's the endeavour of the Ministry of Micro, Small, and Medium Enterprises to enable MSMEs to put on their thinking caps and create innovative solutions while looking out for local solutions to the local problems that could be the generation leap India needs to transform its social, cultural, and economic ecosystem into a world leader.
The last date of receiving a complete application as stated on the website is February 20, 2020. The selection and the announcement of selected applications will be made between February 22 and February 29.
Below are the guidelines for participating in the programme:
- The contest is open to MSMEs, Indian startups, Indian companies, students/developers/professionals/community members
- Participant(s) must be at least 18 years of age.
- Students of third and fourth year of undergraduate, graduate, postgraduates of professional courses, as well as researchers are allowed to apply. Documentary proof has to be submitted at the time of presentation.
- MSMEs/startups/companies/student startups must provide original documents and registration certificates during the presentation.
- An applicant can apply for one idea only and can submit only one project.
Please visit the MSME ministry website to participate and see the terms and conditions.
(Edited by Megha Reddy)