We previously covered the Startup India initiative by the Government of India. Before you consume the details mentioned in this article, we would recommend reading the original article Startup India – Adding momentum to startup spirit
Most of us would acknowledge the importance of Agriculture in Indian society and the economy. To put it in numbers, the Agro sector employs almost 60% of the Indian workforce and contributes almost 18% to the Indian economy. For a sector that contributes disproportionately to its labor allocation, there are a lot of challenges that need to be conquered and antiquated processes that need a facelift.
To encourage innovation in the Agro and Rural sector, the Government of India has started a new scheme, aptly named, ASPIRE (A Scheme for Promotion of Innovation, Rural Industries, and Entrepreneurs) under the Startup India initiative. The idea behind the program is to promote entrepreneurship in the Agro center. For this, the ASPIRE scheme aims to set up a network of technology centers across the country. These technology centers coupled with newly set up incubation centers would help upcoming entrepreneurs and innovators to take up relevant challenges and provide their solutions to the sector.
Officially, the main objectives of the ASPIRE scheme are
- Create new jobs and reduce unemployment
- Promote entrepreneurship culture in India
- Grassroots economic development at district level
- Facilitate innovative business solution for un-met social needs
- Promote innovation to further strengthen the competitiveness of MSME sector.
Since the aim is to set up technology centers and incubators, the assistance by the Government under this scheme is based on the model in which the incubator is setup. If the incubator is set up by a government agency, this scheme would cover the cost entirely, up to 1 crore INR. On the other hand, if the incubator is set up on a PPP model (Public-Private Partnership), then the coverage decreases to 50%, up to 50 lakhs INR.
Officially, here is what you get
80 Livelihood business incubators (2014-2016) to be set up by NSIC, KVIC or Coir Board or any other Institution/agency of GoI/State Govt. on its own or by any of the agency/Scheme for promotion of Innovation, Entrepreneurship and Agro-Industry organisation of the M/o MSME, one-time grant of 100% of cost of Plant & Machinery other than the land and infrastructure or an amount up to Rs.100 lakhs whichever is less to be provided. In case of incubation centres to be set up under PPP mode with NSIC, KVIC or Coir Board or any other Institution/agency of GoI/State Govt., one- time grant of 50% of cost of Plant & Machinery other than the land and infrastructure or Rs.50.00 lakhs, whichever is less to be provided.
So, if you have innovative ideas in the Agro sector and can create enough partnerships, you should set up an incubator under this scheme. With enough innovations, not only would you help the ailing the Agro-industry but would also be able to monetize from the various startups and investments.
For more information about each of these, you could visit the government website at https://www.startupindia.gov.in/content/sih/en/government-schemes/aspire-scheme-promotion-innovation-entrepreneurship-and-agro-industry.html
What do you think? If you have other interesting ideas that you wish to share, please add them to the comments section.