Scheme for promotion of Innovation, Entrepreneurship and Agro-Industry
The potential for innovation and value addition in the rural economy is unlimited. There are various schemes that have not been used to their full potential as far as the rural economy is concerned. In order to tap these potential, the finance ministry had announced a scheme that promoted innovation and entrepreneurship in the Agro-Industry.
According to a census, in 2006-2007, the MSME sector provides employment to almost 805.23 lakh people and the number of the enterprises was close to 361.76 lakh enterprises. 55% of these enterprises were in the rural areas while the rest were in the urban areas. Again out of these, 68.21% enterprises were engaged in services while the rest were engaged in the manufacturing process. The Make in India campaign has given a huge boost to all those micro and small entrepreneurs who are engaged in the manufacturing business. The ‘Make in India’ campaign also aims to identify and create a favourable eco-system for encouraging more start-ups, thus tackling the problem of unemployment in the country. This particular scheme is designed to provide the necessary skill sets to all the prospective small-scale entrepreneurs, especially in the rural areas.
The following are the main objectives of the schemes:
- Create new jobs and reduce unemployment in the country
- Promote entrepreneurship culture in rural India
- Grassroots economic development at the district level
- Facilitate innovative business solution for the social needs which haven’t been met till now
- Promote innovation to further strengthen the competitiveness of the MSME sector
All the above objects are interlinked and there are various tools and methods to achieve these objectives.
The other secondary objectives of the scheme are as follows:-
- Create the database of technologies that are available with the government and private agencies and also set up Network of Technology Centres for helping prospective entrepreneurs of the MSME sector.
- To identify, support and expand the role of competitive Indian MSMEs in the global economy.
- To create a framework for start-up promotion with the help of Small Industries Development Bank of India (SIDBI) by using means of finance such as Venture Capital, Impact funds and Challenge funds among many others.
- The scheme also aims to encourage innovative ideas, technologies and business strategies by providing an incentive to the micro and small scale entrepreneurs.
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