MSME, referred to as the Engine Of Growth In India, provides employment to around 50 million people in India with a contribution of 29% in the GDP.
The fact is enough to understand the importance of promoting and bringing in various schemes to help these medium, small, and micro-enterprises flourish, especially the agro-industry. One such scheme initiated by the Government of India and promoted by the Ministry of MSME is the ASPIRE Scheme or A Scheme for Promotion of Innovation, Rural Industries, and Entrepreneurship.
The main objective of the ASPIRE Yojana was to set up a network of technology and incubation centres to expedite the wave of entrepreneurship In India and to bolster startups for innovation in Agro industries.
For MSMEs, the ASPIRE scheme helps increase productivity and make them worthy of contributing to India’s economy.
A Brief Detailed Insight into ASPIRE Yojana
In 2015, The Government of India Launched ASPIRE SCHEME with the motive of teaching the entrepreneurs the skill to set up a business and become job providers. The focus point of the scheme was also to facilitate market linkage and provide aid and assistance during the critical times to entrepreneurs of MSMEs for the growth in rural areas.
Despite introducing many schemes, taking innovative initiatives, and taking much-needed measures, problems like poverty and unemployment were still there. To curb this, it was important to come up with an initial level approach like generating employment and setting up small enterprises in the agriculture industry.
It is a well-known fact that in India, a majority of the population is still dependent on the agriculture industry for livelihood.
According to the 2019 union budget, under the ASPIRE YOJANA, 80 livelihood businesses and more than 20 technology business incubators were set up to generate around 75,000 skilled entrepreneurs.
NOTE: The ASPIRE Scheme has been granted Rs 200 Crore Corpus by the Ministry of Finance.
Three Important Components of ASPIRE Scheme
- LBI or Livelihood Business Incubator
- TBI or Technology Business Incubator
- SIDBI or Small Industries Development Bank Of India
These components are nothing but funds which are managed by SIDBI, Khadi industries, and coir because these provide employment to millions of people in India.
LBI or Livelihood Incubator, as the name suggests, is responsible for generating employment and eliminating unemployment by providing a favorable condition for the entrepreneurship culture at the Local Level. This is done by taking up commercial activities.
TBI or Technology Business Incubator is responsible for increasing centres for technology networks.
The main helping hand behind all this is SIDBI with creating funds under the scheme. The assistance of INR 60cr is created for the same.
To provide support and nurture all those who want to succeed in the area of innovation entrepreneurship, SIDBI plays a crucial role.
Who Can Apply For The Scheme And Application Process
Wondering who all are eligible for taking the benefits of ASPIRE Yojana? All the startups along with traditional enterprises are eligible to take the benefit.
When you fill an application for the scheme, it is sent to the ASPIRE Scheme steering committee under the Ministry of MSME. The same committee is responsible for providing support related to the scheme.
After the enterprise fulfils all the eligibility criteria, the ASPIRE Scheme steering committee under the Ministry of MSME deals with the general process and provides all the benefits to the beneficiaries under the scheme.
Ten Objectives And Benefits of ASPIRE Scheme
- Spawn new jobs and curb and reduce unemployment and poverty.
- Promote entrepreneurship. There should be enough job providers in India for all the job seekers.
- For unattended and neglected social needs, facilitate innovative business ideas.
- Training to the youth of skill development for entrepreneurship to set up their own businesses.
- Promote a much needed economic development at the district level as well.
- One of the most important objectives of the ASPIRE scheme is to add value to the agricultural produce by automating agricultural activities.
- The monetary aid provided by the government under ASPIRE Yojana can be utilized for plants and machinery items.
- Recycling of agricultural harvest waste, both pre and post harvest.
- Networking of business resources and credit facilitation is also one of the main objectives of ASPIRE Yojana.
- Provide practical experience of business to the budding entrepreneurs.
This blog contains detailed but general information about the ASPIRE Scheme. In case you are seeking more personalised information about the same, we at MSMEx can help you in just a few clicks.
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