Encouraging the growth of MSME sectors, the government is initiating the International Cooperation (IC) scheme. Accordingly, the scheme inspires the eligible organizations to partake in MSME international exhibitions, fairs, trade meets and so on. Further, the Ministry of MSME through this scheme urges to conduct International conferences, seminars, workshops, training within the country with full access to the beneficiaries of the IC scheme.
The demand-oriented scheme provides financial aid to the enrolled subjects. However, financing is by re-compensation. Subsequently, given to state or central organizations that are eligible along with business under the scheme. Primarily, in 2017-18 Rs 4.08 crore was released to aid 723 MSMEs. Additionally, Rs 4.80 crore provided in 2018-19 to facilitate 590 MSMEs.
Objectives of IC scheme
- First, to increase the fitness of the MSME sector
- Exploring new markets for their goods
- Adapting advanced and innovative technologies to improve the production unit
- Upgradation of the sector while familiarizing with modernization
- Export promotion
Prime Activities Under the Scheme
The IC scheme to attain its goal is conducting several acts that in turn facilitates the advancement of the MSME sector. Thereby, the following list encompasses the said activities
- Guidance for MSMEs diligence to meet international conferences
- Further, assistance to part take in global meets regarding the MSMEs trade international
- Conducting seminars, workshop, training in the country by Industries or government units
- Organizing an international exhibition, trade meets, fairs to conduct bilateral trade
- Furthermore, an official sent from the Ministry of MSMEs to the fairs.
- State organizations
- Central Organizations
- Industry or enterprises
- Enrolled societies and trusts
- Units linked with MSME
The targeted units are eligible for registration under the IC scheme. Nonetheless, they must follow certain conditions to enjoy the benefits.
- The prime objective of the unit should be to promote the MSME sector
- Must register themselves under suitable acts such as The Company Act, The Societies Act, etc.,
- A minimum of 3- year participation in related activities
- Any event subjected for reimbursement should have participated internationally
- Regular audit of the company is a must for at-least three preceding years
Application form for International Cooperation Scheme – IC Scheme
Assistance Granted Under the IC Scheme
As mentioned earlier, financial help is on the basis of compensation. Accordingly, this includes airfare, space rent, freight cost, advertisement, registration fee. However, the eligible candidate can avail reimbursement only on participating in the international meets. Besides, the applicant requesting aid must submit the budget of the expenditure. Following a list of assistance is listed
- Airfare- For MSMEs 100% recompense for an economy class ticket with a limit of 1 lakh.
- Duty allowance– An office-bearer will get up to USD 150 per day for three days considering the date of the event
- Accommodation– Government officials participating will benefit according to their entitlement
- Space or Stall cost– For MSMEs, the reimbursement is 100% with a limit to 2.5 lakhs. Yet, office bearers will not avail this benefit
- Freight charge– Up to Rs 25,000 per MSME organization
- Publicity– less than 5 lakhs
- Entry fee– Rs 5000 per MSME unit
- Conducting international conference- Approximately Rs 4.5 lakh will be provided for this purpose
- Foreign speakers or dignitaries (Airfare)- a maximum of Rs 2.5 lakh for minimum 3 dignitaries
Protocol for registration and availing benefits
The applicant should submit a letter in a prescribed manner to the Director of IC Scheme, Ministry of MSMEs, Udyog Bhavan, New Delhi. Similarly, it is necessary to attach all the important documents including the budget estimate along with the letter. Additionally, the manner of the said necessities is accessible click here.
Director (IC), M/o MSME
In conclusion, the complete information regarding the International evens for 2019-20 with approval of the IC scheme is available at this link.