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Innovation quantity for and medium venture may be raised to Rs. 2,500 cr

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Micro Small Medium Enterprise

The MSME Ministry is considering enhancing the corpus towards innovation multi-fold to Rs. 2,500 crore to bring forth more innovative products in the sector, thereby increase competition in the international market.

At present ministry provides Rs. 100 crore annually to micro, small and medium enterprises (MSME) for innovation, which includes testing centers and R&D centers for the organizations. “We will increase facilities for innovation about Rs. 2,500 crore we are thinking of,” Micro, Small and Medium Enterprises Secretary, RK Mathur, said in the FICCI MSME summit 2012.

In the 12th Plan period, the ministry has set 15% growth from the existing 12-13%. There is an immediate need to convert low-end industrial estates to high-end and then to world-class, he said. Speaking in the function, the Minister of State for Planning, science and Technology and Earth Sciences, Aswini Kumar, said that India has to concentrate on innovation to achieve a competitive edge in the world market.

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