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Last updated: 12 Nov, 2014  

FICCI Logo New THMB Govt mulls innovation fund to boost R&D in MSMEs: Mishra

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Saurabh Gupta | 12 Nov, 2014
The government proposes to launch an innovation fund exclusively for Micro, Small and Medium Enterprises (MSMEs) to encourage and promote new knowledge-driven ventures and programs, said Kalraj Mishra, Minister of Micro, Small & Medium Enterprises.

"This would help in fostering entrepreneurship in rural areas, amongst women, and SC/STs. The fund would also cover activities of the khadi, village and coir sectors," stated Minister while inaugurating the two-day 'Global R&D Summit 2014' on the theme 'Next Gen Innovations through Interdisciplinary Research'.

The summit is being organized by FICCI in association with the Department of Science & Technology, Government of India.

Mishra said that the new Sfurti scheme launched by his ministry has helped in providing start-up funds for small and new ventures. This was in keeping with the government's desire to promote innovation in industry and make India a global R&D hub in the coming years.

He said that the 15 new technological research centers for high end research to be set up with the help of the World Bank will devise new production techniques and push India's products in the world market. They will also make India an ideal destination of 'Make in India' policy launched by the new government.

Mishra said that engineers involved in the MSME sector greatly assisted in the Mangalayan spaceship project which has done our country immense proud. He said we are continuously working towards skill development by introducing and implementing biometric system. Not only in terms of technical advancement support but we are equally focusing on the social problems of our country by promoting women and SC/ST entrepreneurship, especially in the rural and tribal areas.

The MSME sector is the nursery of entrepreneurship and has been recognized worldwide as the engine of growth. The MSMEs also have a vital role in the dispersal of industries and generation of employment and opportunities. There is also a need to boost export in the every sector and we need to upgrade our R&D and Marketing strategy to make the MSME produce globally competitive and acceptable products.

The Minister said the micro, small & medium enterprises contribute nearly 8 percent of the country's GDP, 45 percent of the manufacturing output and 40 percent of the exports. They provide the largest share of employment after agriculture. They are the nurseries for entrepreneurship and innovation.

He said the Ministry has a number of programs to help and assist the entrepreneurs and small businesses. National institute for Entrepreneur and small business development , national institute for micro, small and medium enterprises, Indian institute of entrepreneurship and the development commissioner all help in this direction. Ministry MSME encourages and honors innovation and enterprises.

He said FICCI, as an institution, has been very proactive in working with the government to develop policies that reflect this shift in the economy model and to be the voice of the industry in communicating its demand and expectations to the government. "I have no doubts that India will be called the best knowledge hub of the globe and with a proactive Government and a responsible industry".

On the occasion, the Minister felicitated the winners of FICCI R&D Awards. The awards were bagged by Defence Research and Development Laboratory (DRDL) of DRDO for developing the Aakash Missile Systems and Perfint Healthcare for designing Maxio, the flagship product of Perfint is a multifunctional, interactive robotic system specifically designed to allow clinicians visually plan, execute, and validate interventional procedures on a single system and is being used by radiologists around the world for biopsy, drug delivery.

Dr. (Ms.) Jyotsna Suri, President-elect, FICCI and Chairperson & Managing Director, Bharat Hotels Ltd., emphasized that India has to dedicate more funds and time to its Research & Development programs. The recent success of the Mars Orbitor Mission speaks volumes of the R&D capabilities and given appropriate funds it is capable of scaling up its innovative productivity.

Dr. Suri said that the government has to play a vital role in promoting the R&D potential in India. There are certain policies in place which unfortunately are bound by tedious regulations.

There is also a lack of awareness of the government policies. Most entrepreneurs are unaware that the government provides a weighted tax deduction of 200% on expenditure other than land and building. Over the last 10 years, only a Rs. 1000 crore have been deducted. The government therefore must first simplify its policies and then via a massive campaign increase the awareness of its benefits to entrepreneurs across the country, she added.
 
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Govt mulls innovation fund to boost R&D in MSMEs
G K Ganeshan | Thu Nov 20 07:46:30 2014
To day the awareness to the public through "Information Technology" is tremendous. All these 67 years we,Indian were not aware about what the Govt was doing. Our PM making everything in transparent way. We are able to see the progress every day. Thanks to the New Govt.


 
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