The MSME ministry on Thursday launched an innovative scheme to promote creativity, adoption of latest technologies and increase awareness about importance of intellectual property rights among MSMEs. The scheme is an amalgamation of the incubation, design and IPR (intellectual property rights) schemes of the ministry.

It would act as a hub for innovative activities, besides facilitating and guiding development of ideas into viable business prepositions that can benefit society directly and can be marketed successfully. [1]

Figure 1. MSME ministry launches scheme to promote creativity, entrepreneurship in sector

Figure 1 shows prime Minister Narendra Modi recently called on entrepreneurs together with the corporate world, technology sector and the financial world to collaborate with the government and take Budget initiatives to farmers before they start the new agriculture year this year.

Figure 1 shows launching the scheme, MSME Minister Narayan Rane said the scheme will help the MSME sector, which accounts for a major share in the country's exports and manufacturing.

Industry should come forward and take advantage of this scheme, he said.

Under the scheme, the ministry would provide financial assistance for innovation, design and IPR protection.

The IPR vertical of the scheme aims at enhancing the awareness of these rights among MSMEs and taking suitable measures for the protection of ideas, technological innovation and knowledge-driven business strategies. [2]

Similarly, under the innovation vertical, untapped creativity would be supported and promoted besides adoption of latest technologies in MSMEs. The design part of the scheme is aimed at bringing the manufacturing sector and design expertise onto a common platform. It is also aimed at providing real-time expert advice and cost effective solutions for design problems for new product developments.[3]

References:

1. https://economictimes.indiatimes.com/small-biz/sme-sector/msme-ministry-launches-scheme-to-promote-creativity-entrepreneurship-in-sector/articleshow/90125346.cms
2. https://www.freepressjournal.in/business/msme-ministry-launches-scheme-to-promote-creativity-entrepreneurship-in-sector
3. https://auto.economictimes.indiatimes.com/news/industry/msme-ministry-launches-scheme-to-promote-creativity-entrepreneurship-in-sector/90128178

Cite this article:

Thanusri swetha J (2022), MSME ministry launches scheme to promote creativity, entrepreneurship in sector, Anatechmaz, pp. 168