Credit and Finance for MSMEs: Financial assistance worth an estimated Rs 34 crore has been approved for various ideas and patents by MSMEs in the current financial year, said Minister of State for Micro, Small and Medium Enterprises Bhanu Pratap Singh Verma in a written reply to a question in the Lok Sabha. Overall, 257 ideas under MSME Idea Hackathon 2022, reimbursement of 1196 Trademarks, 186 Patents, 53 Designs and 11 Geographical indications (GIs) have been approved for financial the grant in FY23.
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 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.
Further, to improve IPR culture in the country, the scheme provides up to Rs 5 lakh assistance for filing foreign patent, Rs 1 lakh for domestic patent, Rs 2 lakh for GI registration, Rs 15,000 for design registration, and Rs 10,000 for trademark in the form of reimbursement.
“Prime Minister Narendra Modi believes India can become atmanirbhar, create employment, boost entrepreneurship, adopt new technologies, enhance GDP and exports through MSMEs. We have announced the MSME Innnovative Scheme in that direction to support different MSME ideas. Our enterprises should also endeavour to achieve high growth in manufacturing the way businesses in countries like the US and China have achieved,” MSME Minister Narayan Rane had said at the launch of the scheme.
Importantly, patent and trademark registrations by MSMEs, startups, and others, saw around a four-fold increase during the FY16-FY21 period, according to the details shared by Controller General of Patents, Designs and Trademarks (CGPDT) with Commerce Minister Piyush Goyal in August last year. While the number of patents granted jumped from 6,326 in 2015-16 to 28,391 in 2020-21, trademark registration increased from 65,045 in 2015-16 to 2,55,993 in 2020-21. Moreover, 4,505 copyrights were granted in 2015-16 which increased to 16,402 during FY21.