New Delhi, Jan 6 (KNN) The Ministry of Micro Small and Medium Enterprises (MSME) has invited application from Student, Entrepreneurs, Technical colleges, Universities, other professional colleges/institutes and MSME for the New India Challenge 2020.

The Office of Development Commissioner – MSME, has a scheme called ‘Support for Entrepreneurial and Managerial Development of MSMEs through Incubators’.

The scheme aims to provide opportunity to the innovators in developing and nurturing their new innovative ideas for the production of new innovative products. Host Institutions (HI) can explore the new innovative ideas from the Incubatee of various sectors which may be entrepreneurs or students from the any streams.

A financial assistance up to Rs 15 lakh will be given to selected candidates for developing and nurturing of an idea.

''It's the endeavour of the Ministry of Micro, Small and Medium Enterprises to enable MSMEs to put on their thinking caps and create innovative solutions while looking out for local solutions to the local problems, that could be the generation leap India needs, to transform its social, cultural and economic ecosystem into a world leader,'' said the MSME website .

The last date of receiving a complete application as stated on the website is February 20, 2020. The selection and the announcement of selected applications will be made between February 22 and February 29.

During Union Budget 2020, Finance Minister Nirmala Sitharaman allocated Rs 900 crore debt-funding for MSMEs, stating that the sector is pivotal to keep the wheels of Indian economy moving.

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