Scheme Promoting Innovation Rural Entrepreneurship Aspire

UPSC Exam Preparation: Topic of the Day – A Scheme for Promoting Innovation and Rural Entrepreneurship (ASPIRE)

The Ministry of Micro, Small & Medium Enterprises launched A Scheme for Promoting Innovation and Rural Entrepreneurship, also known as the Aspire Scheme for accelerating entrepreneurship and promotion of start-ups for innovation and entrepreneurship in the rural and agro-based industry. The scheme was launched in the year 2015. The planned outcomes of ASPIRE are setting up Technology Business Incubators (TBI), rural Livelihood Business Incubators (LBI) and creation of a Fund of Funds for start-up creation in the agro-based industry and other such initiatives, with the Small Industries Development Bank of India (SIDBI).

Objectives of ASPIRE scheme:

The main objectives of the ASPIRE scheme are:

  • Creation of new jobs and reduction in unemployment
  • Promotion of the entrepreneurship culture in India
  • Promotion of grassroots economic development at the district level
  • Facilitating and providing innovative business solution for un-met social needs, and
  • Promotion of innovation in order to further strengthen the competitiveness of Micro, Small & Medium Enterprises e, the MSME sector.

Assistance towards the training cost of incubates will be met out of the ATI scheme of the Ministry as far as possible for both centres. The scheme fund has a corpus of Rs. 200 Crores. The corpus will be dedicated (but is not limited) to the following uses:

  • Automation of agricultural practices and activities related to it
  • Value addition to the agricultural and the forest
  • Recycling of agricultural
  • Business models for aggregation and value addition relevant for the rural areas,
  • Business models for rural local employment generation
  • Business models for social impact

All the applications of the prospective beneficiaries would be received by the Aspire Scheme Steering Committee of Ministry of MSME. The ASPIRE Scheme Steering Committee shall be responsible for overall policy, coordination, and management support. The Council will be chaired by Secretary, the Ministry of Micro, Small & Medium Enterprises.


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