MSMEs need incubators to become efficient and competitive: MoS MSME Bhanu Pratap Singh | The Financial Express

MSMEs need incubators to become efficient and competitive: MoS MSME Bhanu Pratap Singh

“Especially after Covid-19 when the sector was quite noticeably affected. The MSME environment is renewing and reviving to become more upbeat than ever,” said Bhanu Pratap Singh Verma.

MSMEs need incubators to become efficient and competitive: MoS MSME Bhanu Pratap Singh
The minister was addressing a session on entrepreneurship and MSME Related projects during his visit to Entrepreneurship Development Institute of India (EDII), Ahmedabad.

Ease of Doing Business for MSMEs: The Minister of State for micro, small and medium enterprises (MSMEs), Bhanu Pratap Singh Verma said that incubators are required for creating a supportive environment for new enterprises to enable them to work on their weaknesses and hone their competitiveness, as per a report by Knowledge and News Network (KNN). 

The minister was addressing a session on entrepreneurship and MSME Related projects during his visit to Entrepreneurship Development Institute of India (EDII), Ahmedabad. 

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He said that the growth in the MSME sector is profound and the government is dedicated to help the MSMEs. “Especially after Covid-19 when the sector was quite noticeably affected. The MSME environment is renewing and reviving to become more upbeat than ever,” said MoS MSME. 

He acknowledged EDII’s efforts to facilitate the Indian MSME industry to embrace various approaches and techniques, from procurement of raw materials, introducing innovations to exploring new avenues for sale of products and dealing with competition.

The minister mentioned, “I look forward to EDII playing the role of Mentor Institute for ASPIRE scheme of the Ministry, and facilitate strengthening of rural and agro incubation ecosystem by establishing Livelihood Business Incubators.” 

Earlier in October, the minister during the inauguration function of Sevagram Industrial Area Festival informed that a technology center will be set up at Butibori Maharashtra Industrial Development Corporation (MIDC) in Nagpur for the benefit of the local youth. 

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Besides, he had also informed that the MSME Idea fund launched on March 10, 2022 is getting great response and so far 287 ideas and 1196 trademarks have been registered. 

MSME Idea Hackathon was launched by the Ministry of MSMEs as a part of its MSME Innovative Scheme (Incubation, Design and Intellectual Property Rights) to invite ideas from MSMEs, innovators, and students through institutes from March 10 to March 24, 2022.

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First published on: 13-10-2022 at 14:58 IST