Why in the news?
- The government launched the ASPIRE Scheme.
ASPIRE Scheme
- Full Form: A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship
- What is it?: ASPIRE is an initiative of the Ministry of MSME aimed at promoting innovation, entrepreneurship, and start-ups, particularly in rural and agro-based industries.
- Objectives:
- Promote an entrepreneurial culture across India
- Enable grassroots economic development at the district level
- Facilitate innovative business solutions for unmet social needs
- Strengthen innovation and competitiveness of the MSME sector
- Features:
- Implementation through technical and research institutions, including those related to agro-based industries.
- Such institutions act as Knowledge Partners for incubating new or existing technologies and enabling their commercialisation
- The scheme provides funds for incubation and promotes synergy between innovation and livelihood generation.
- ASPIRE Scheme Steering Committee under the Ministry of MSME is responsible for overall policy formulation, Coordination among stakeholders as well as Management and implementation support of the scheme.
- Implementation through technical and research institutions, including those related to agro-based industries.
Source: PIB