ASPIRE includes Livelihood Business Incubators that promotes innovation, entrepreneurship and rural industry. Further, it inspires innovatory revolutions by the same. Accordingly, to achieve this, it establishes incubation centers while consequently setting up a network of technology. Further, a total of Rs 62.50 crore was allotted to the scheme in 2014-16.
Objectives of ASPIRE
Few significant visions the scheme strives to attain are as follows:
- Initially, create abundant job opportunities
- Thus, reduce unemployment
- Provide skill development training to youth
- Subsequently, endorse the entrepreneurship in India
- Encourage economic advancement with main focus on the district level
- Boost novel innovations that aid to solve the social problems and complications
- Increase the competitiveness among the MSMEs
The Assistance Provided by ASPIRE
The Financial Assistance by the Scheme
The scheme for promotion of innovation, entrepreneurship, and rural industry including agriculture under the ministry of MSME assists financially. Subsequently, it provides a 100% grant one time to help in plant and machine charges, infrastructure, and land. However, the limit of aid is up to Rs 100 lakhs.
The Assistance: When Set-up by Government Organization
In the years 2014 to 2016, over 80 incubators aiding businesses were set up by NSIC, KVIC, or other government agencies. Similarly, when incubators are set up be NSIC, KVIC or related agencies, only a 50% aid will be provided. However, the subsidy is 50% the cost of plant and machine charge, infrastructure, and land. Besides, the limit is set to Rs 50 lakhs under the ASPIRE scheme.
Incubator Training Cost
AIT scheme of the MSME ministry will provide the requirements that aid in the training under the ASPIRE scheme.
Additional Information Regarding the Assistance
- 50% of the cost for setting up the incubation center by SSC
- 30% for plants and machine installations
- 20% for training (after the training)
Eligibility to Apply
The technical and research institutes can implement the incubation and marketing of entrepreneurship ideas. Further, can involve entrepreneurs that are in association with the agricultural sector. Following the application, they would act as Knowledgeable partners. Henceforth, they would assist the existing and new technologies in marketing. Further, we would work on bringing an association between the business and the scheme- ASPIRE. Also, aid by providing funds. Therefore, incubators, business incubators (LBI), techno business incubators (TBI), and associated schemes under MSME, NSIC, and KVIC along with private incubators can apply.
The applicants are advised to send in the applications to the ASPIRE steering committee (head- chairman) under Ministry of MSME. Following that, the committee will notify the applicant of the status. Further, provide and monitor the policy, coordination, and organization support. Nonetheless, the proposal is based on the incubator’s extent of aid in the business along with the livelihood of the business.
ASPIRE: Livelihood Business Incubators Annexure and Forms for Application
Regardless of TBI or Livelihood Business Incubators, the proposed application for ASPIRE must contain
- Executive summary
- Endorsement from head or LBI or TBI
- Name (include address and contact information)
- Name, contact info, and designation of the head
- Incubators general information
- Track record of the incubator
- Notable achievements
- Proposed strategies
- Work plan (year wise)
- Brief the set target
- Total Budget
Status of the scheme
At present, over 62 Livelihood Business Incubators (LBI) projects have attained the aid via ASPIRE since 2015. Out of which, 29 are operational, while the rest are at various levels of groundwork. Consequently, there has been a steady rise in the scheme. For instance, in 2014-15, only Rs 5.00 crore was the expenditure, that raised to Rs 9.29 crore in 2015-16. Similarly, in 2016-15, it was noted that the expenditure was Rs 13.98 crore. However, for the fiscal year 2017-18, only Rs 5.52 crore, that is excluding the 2018 expenditure.