While addressing a press conference held on 8th March at New Delhi, Union MSME Minister Kalraj Mishra hailed Budget 2016 and informed that a sum of Rs. 100 crore has been earmarked under ‘A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship’ (ASPIRE).
The government is keen at promoting economic activities in rural pockets and with this purpose the allocation will be utilised to set up 45 Livelihood Business Incubators (LBIs) and 25 Technology Business Incubators (TBIs), Mishra said.
He also said that a web-based application and monitoring system will be designed and implemented for Scheme of Fund for Regeneration of Traditional Industries (SFURTI) alongside ASPIRE.
ASPIRE aims at creating new jobs & reducing unemployment, promoting entrepreneurship culture in India, grassroots economic development at district level, facilitating innovative business solution for un-met social needs, and promoting innovation to further strengthen the competitiveness of MSME sector.
The main objective of LBIs is to create jobs at local level and reduce un-employment by creating a favourable ecosystem for entrepreneurial development whereas the TBIs are a powerful economic development tool, which promote growth through innovation and application of technology for small business development, and encourage growth from within local economies, while also providing a mechanism for technology transfer.