To promote entrepreneurship in India, Ministry of Micro, Small and Medium Enterprises is inviting ideas from startups, technocrats and students to come up with innovative solutions to local problems such as e-waste management, wastewater from household and usage of crop residue.
Under the scheme ‘Ideas for New India Challenge 2020’, the selected ideas will be provided funding up to Rs 15 lakhs and incubation support for one year per approved idea through the business Incubators chosen by them.
“The main objective of the scheme is to promote & support the untapped creativity of the individual and to promote adoption of the latest technologies in manufacturing as well as knowledge-based innovative MSMEs (micro, small and medium enterprises) that seek the validation of their ideas at the proof of concept level,” the ministry said in its guidelines.
It will also support engagement with enablers who will advise such MSMEs in expanding the business by supporting them in design, strategy and execution.
Designed as a contest, it is open to MSMEs, startups, Indian companies, students and professionals.
The participants can submit their ideas before February 20. The ministry will announce the selected ideas by February end.
Of late, the government has been coming up with policies to support startups. On Saturday, the government during its Budget presentation had announced a slew of measures supporting MSMEs.
In her speech, Finance Minister Nirmala Sitharaman had proposed raising the auditing threshold for MSMEs to Rs 5 crore from Rs 1 crore and had also proposed a seed fund for early-stage startups.
She had also mentioned the increasing role of innovations that disrupt established business models – AI, IoT, 3D printing, Drones, Quantum computing, among others.