Government approves financial assistance for MSME ideas, reimbursing trademarks, patents, more under Champions scheme in FY23

About the MSME Champions scheme

Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength (CHAMPIONS).This scheme is launched majorly to help MSMEs capture new opportunities in manufacturing and services sector by providing help in terms of finance, raw materials, labour, permissions ,etc.

The assistance has been approved for innovation, design, and protection of Intellectual Property Rights (IPR) in the MSME sector under the ‘MSME Innovative’ component of the MSME Champions Scheme launched by MSME Minister Narayan Rane in March this year. The Idea hackathon was also launched alongside the scheme. The MSME Innovative component offers financial assistance up to Rs 15 lakh per idea and up to Rs 1 crore for relevant plant and machinery under the incubation part of the scheme. The design part facilitates expert advice on design problems for new product development and its improvement through the financial support of up to Rs 40 lakh for design projects and up to Rs 2.5 lakh for student projects. 

“Prime Minister Narendra Modi believes India can become Atmanirbhar, create employment, boost entrepreneurship, adopt new technologies, and enhance GDP and exports through MSMEs” MSME Minister Narayan Rane had said at the launch of the scheme 

This scheme would enhance the overall growth of the MSME Sector by identifying the businesses that have potential to excel and provide the necessary support.

Source : www.financialexpress.com