Government in India introduced 5 major schemes to promote innovations and technology in MSMEs

Micro, Small, and Medium Enterprises (MSMEs) play a crucial element within the financial system. The government offers various schemes for the entrepreneurs to boost their enterprise and grow specifically through adopting new technologies.MSMEs make contributions 6.11% of manufacturing GDP and 24.6 % of services GDP. These industries, that are regularly placed in rural regions, play a critical role in retaining India’s traditional capabilities and products such as handicrafts and handlooms.

Processes Taken by the Indian Government To Foster Technology:

Recently, Niti Aayog additionally organized a workshop to speak about regulatory and economic concerns regarding the adoption of Artificial Intelligence (AI) and automation generation by MSMEs.

Here is upgradation of 5 technological schemes released by using the authorities for MSMEs

• Design Clinic:

This scheme is for the growing competitiveness of MSMEs via the adoption of design and its learnings. The authorities afford to fund a guide of Rs 60,000 in line with seminar and 75% difficulty to a most of Rs 3.75 lakhs in line with workshop. The government’s contribution is 75% of micro and 60 % for SMEs for the venture range between Rs 15 lakh and Rs 40 lakh.

• Technology and Quality Upgradation Support:

Generally, marketers face the issue in upgrading technology. This scheme supports the use of Energy Efficient Technologies (EETs) in manufacturing units with a landscape to decrease the cost of manufacturing and undertake a clean growth mechanism.

The scheme makes a specialty of raising the competitiveness of the MSMEs via Energy Efficiency and Product Quality Certification. The present scheme also offers the intricacy regarding the discount in the emission of greenhouse fuel through this area, thru energy efficiency. It also encourages MSMEs to collect product certification and licenses from countrywide and worldwide bodies. The investment support of as much as 75 % of focus programs is provided with the aid of the authorities, subject to a maximum of Rs 75,000 according to the program.

• LM Competitiveness:

The objective of this scheme is to beautify the producing competitiveness of MSMEs through the utility of various Lean Manufacturing (LM) techniques. The financial help is furnished for the implementation of lean manufacturing strategies, often the fee of lean production consultant (80% with the aid of GoI and 20 % via beneficiaries).

• ISO 9000/ISO 14001 Certification Reimbursement:

This scheme gives incentives to those SMEs/ancillary undertakings which have obtained ISO 9000/ISO 14001/HACCP certification. The scheme is enlarged so as to include reimbursement of expenses in the purchase of ISO 14001 certification.

• National Manufacturing Competitiveness Program:

This MSME scheme aims at facilitating generation upgradation by using offering 15 % in advance capital subsidy to MSEs, together with tiny, khadi, village, and coir business units on institutional finance availed through them for induction of well-mounted and progressed technologies in targeted sub-sectors/products accepted underneath the scheme.