NIT implements MSME Innovative Scheme
Post by RK News on Wednesday, November 30, 2022
Srinagar, Nov 29: To promote a culture of innovations, National Institute of Technology, Srinagar is implementing MSME Innovative Scheme, an amalgamation of Incubation, Design, IPR scheme of the Ministry of Micro Small and Medium Enterprise.
MSME Innovative Scheme is a new concept for Micro Small and Medium Enterprises (MSMEs) with a combination of innovation in incubation, design intervention and by protecting IPR in a single mode approach.
Under the scheme, the Indian manufacturing sector and design expertise/design fraternity will be on a common platform to provide expert advice and cost-effective solutions on the design problems for new product development, improvement and the value addition in the existing products.
Dr. Saad Parvez, head of Innovation Incubation Entrepreneurship Development Center, NIT Srinagar said that the scheme helps MSMEs realize and achieve their design-related objectives.
He said that the NIT will serve as a connecting link between the MSMEs and the Government in developing a work plan to attain objectives of the scheme based on the need and demand of MSMEs in the area of product design and development.
“We will help the MSMEs in identifying their design problems in their products and will provide expert advice and cost-effective solutions. We will receive Design Project applications from individuals or groups of MSMEs through the MIS portal,” he said.
Upon the receipt of the proposals, NIT will assess the proposal as per the assessment criteria of the scheme guidelines. For evaluating
the proposals received, NIT has constituted a Project Assessment Panel (PAP).
The scheme will provide financial assistance to MSMEs for engagement of design consultants for design interventions and expenses pertaining to development of prototype or product.
The design scheme will help MSMEs to avail advice on all aspects of design. The specialist advice will be provided by experienced designers for new product development as well as enhancing existing product portfolio.
The designer that a unit employs in this scheme should be qualified Industrial designers having relevant experience in that field.
A person or MSME are eligible to avail the benefits of the scheme and must typically be a registered micro, small or medium enterprises as per the MSMED Act and should have a valid UAM or Udyam Registration. The manufacturing MSMEs may be a profitable entity preferably in the last 1 year of its operations.
The scheme also provides financial assistance to MSMEs for engagement of design consultants.
“For the design projects approved for any MSME, 75% (Micro) and 60% (Small & Medium) of the total project cost will be contributed by Government of India up to a maximum of Rs. 40 lakh and the remaining project cost will be borne by MSMEs and deposited to the NIT Srinagar as an implementing Agency,” he explained.
Also, the scheme supports design work of bona-fide students by providing financial assistance up to Rs. 2.5 lakh. “For the student design projects approved for any MSME, 75% of the total project cost will be contributed by Gol up to a maximum of Rs. 2.5 lakh and the remaining project cost will be borne by MSME and deposited to NIT Srinagar,” he added.
While talking about the institution, Dr. Saad said that NIT Srinagar has emerged as a depository of knowledge in engineering and sciences in the country that can monitor and provide guidance to the Indian MSMEs to attain global competitiveness.
“The Ministry of MSME has approached the National Institute of Technology Srinagar for long term collaboration by providing an enabling platform whereby MSMEs of the country can approach NIT Srinagar through a structured process for enhancing themselves,” he added.