Monday, June 21, 2021

ASPIRE Scheme

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A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship (ASPIRE) is an initiative by the Government of India and This Scheme is Promoted by the Ministry of Micro, Small and Medium Enterprise (MoMSME). The ASPIRE scheme was introduced to setup network centres and incubation centres to promote entrepreneurship across India. This scheme was also introduced to start new jobs and promote small startup enterprises for innovation in the traditional and agro-industries. 

Objectives of the ASPIRE Scheme are listed below:

  1. Create more job opportunities and reduce unemployment
  2. Promote economic development at the district level, as well
  3. Promote entrepreneurship culture across the nation
  4. To facilitate innovative business solutions for unfulfilled social needs; and
  5. Promote innovation to further strengthen the competitiveness of the MSME sector

Purpose of introducing ASPIRE Scheme

ASPIRE Scheme was launched for various purposes that stated below:

  1. For value addition to agriculture and forest produce.
  2. Automation of agricultural practices and related activities
  3. For the recycling of agricultural pre and post-harvest wastages.

ASPIRE scheme funds can also be used for some small business models that can be used for various purposes like:

1) For aggregation and value addition relevant for rural areas;

2) For the creation of local employment in rural areas; and

3) For social impact and much more

Components of ASPIRE

  1. Livelihood Business Incubators (LBI)
  2. Technology Business Incubators (TBI)
  3. This fund to be managed by the Small Industries Development Bank of India (SIDBI).

These components are managed by SIDBI, Coir, Khadi industries, etc. as these projects are important means of livelihood for millions of Indians.

LBI main objective is to create employment at the local level and promoted a reduction in unemployment.

TBI is more concerned with the increase in centres in building up the technology network.

SIDBI plays an important role in managing ASPIRE as a complete and providing support to other components and helping in generating income of people which leads to increased employment opportunities.

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