Project Monitoring and Advisory Committee (PMAC) committee of Ministry of Micro, Small and Medium Enterprises (MSME) has approved the proposal of NIT Srinagar to recognise it as a host institute/ Business Incubator for the implementation of its Scheme, “Support for Entrepreneurial and Managerial Development of MSMEs through the incubator.”
The main objective of the scheme is to promote and support untapped creativity of individuals besides promote adoption of latest technologies in manufacturing as well as knowledge-based innovative MSMEs (ventures) that seek the validation of their ideas at the proof of concept level.
Assistant Director MSME DI Srinagar, Saheel Allaqaband said that under this scheme BI’s shall be provided a grant of up to Rs 1.00 Cr for procurement and installation of relevant plant and machines including hardware and software etc. The proposal will be routed through MSME Development institute Srinagar J&K for approval of competent authority at O/o Development Commissioner MSME.
He said that Gol assistance as grant in aid up to a maximum of Rs 15 lakh per idea shall be provided to BI for developing the prototype as per the guidelines of the scheme. Ideas for approval will be routed through Implementing agency (MSME DI’s/ TC’s etc). Preferably, the duration of the project/idea is one year. For Students, the contribution will be Nil and for MSMEs/others, the contribution will be 15 % of the total project cost.
Seed capital support provision for setting up Start-ups is also provided under the scheme for the commercialisation of the Idea. Financial assistance may be given in the form of a soft loan, interest-free loan, equity participation, grant or combination of these in order to set up the enterprise.