MSME Ministry seek applications for setting up business incubators under Aspire

New Delhi, Feb 15 (KNN) The Ministry of Micro, Small and Medium Enterprises (MSME)  has sought for applications for setting up Livelihood Business Incubators (LBI) and Technology Business Incubators (TBI) under its ASPIRE scheme.

The main objective of LBI is to create jobs at local level and reduce un-employment by creating a favourable ecosystem for entrepreneurial development in the country.

In the case of Livelihood Business Incubators, the funds would be released directly to NSIC, KVIC or Coir Board or any other Institution/agency of GOI/State Govt. These designated agencies i.e. NSIC, KVIC or Coir Board or any other Institution/agency of GOI/State Govt. in turn would release the fund to the PPP incubators based on the set parameters and terms of engagement with the incubators.

The funds released by the Ministry shall be kept in a separate bank account and shall not be utilized for any other purpose than the cause of the incubators. The concerned agency will submit monthly reports as per the MIS system.

Meanwhile, the objective for setting up TBI is for incubation of innovative ideas/technology in the Agro-based industry.

The Ministry would support existing incubation centres currently operating under different Ministries and Departments of the Government of India or Institutions including National/Regional level institutions of GOI/State Governments to set up centres dedicated to incubation and enterprise creation in the area of Agro based Industries.

The Ministry would assist to set up new incubation centres by eligible private institutions including Industry Associations, along with the Academic Institutions, R&D laboratories, Universities, Government entities and Technology Parks.

In the case of TBI, the funds for capital (i.e. plant and machinery) would be released directly to the incubator after execution of a bond by the TBI in case of existing and the Partner Institution in case of new TBI approved for setting up the incubator, based on the set parameters and terms of engagement with the incubators.

Under TBI, the total upper ceiling of financial assistance to be disbursed to a start-up would be Rs. 20 lakh for the entire project. (KNN Bureau)