ASPIRE Scheme

Promoted by the Ministry of Micro, Small and Medium Enterprise (MoMSME), A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship (ASPIRE) is an initiative by the Government of India. The ASPIRE scheme was introduced to setup network centres and incubation centres to enhance entrepreneurship across the nation. This scheme was also introduced to start new jobs and promote Startup enterprises for innovation in the traditional and agro industries.

As per the Union Budget 2019-2020 presented by the Finance Minister Nirmala Sitharaman, 80 livelihood businesses and 20 technology business incubators will be set up that shall produce approx. 75,000 skilled entrepreneurs in the agro-rural industries.

Further listed below are key objectives, purpose and components of ASPIRE scheme:

ASPIRE Scheme was launched for various purposes that are as follows:

ASPIRE scheme fund can also be used for some business models that can be used for various purposes like mentioned below:

These components are funds to be managed by SIDBI, Coir, Khadi industries, etc. as these projects are prominent means of livelihood for millions of Indians. LBI main objective is to create employment at local level and reduce unemployment. TBI is more concerned with increase in centres in building up technology network. SIDBI plays a vital role in managing ASPIRE as a whole and providing support to other components and helping in generating income of people by increasing employment opportunities.

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If in case the incubation centres are to be set up under PPP mode with Coir board, NSIC or KVIC then one-time grant of 50% of the cost of plant and machinery other than land and infrastructure or Rs. 50 lakh to be provided, whichever is less.

Recognizing the vast potential of advanced enterprises and the agro-based industries in the MSME sector, India’s Finance Minister in the Budget Speech 2014-15, delivered in the Parliament on 10-07-2014, said:

“To Establish Technology Centre Network to promote Innovation, Entrepreneurship and Agro-Industry, I propose to set up a fund with a corpus of Rs. 200 crore.”

Funding Division of Total Allocated Funding for ASPIRE

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