The government proposes to launch an innovation fund exclusively for Micro, Small and Medium Enterprises (MSMEs) to encourage and promote new knowledgedriven ventures and programs. This would help in fostering entrepreneurship in rural areas, amongst women, and SC/STs. The fund would also cover activities of the khadi, village and coir sectors.

This was stated today by Kalraj Mishra, Minister of Micro, Small & Medium Enterprises, Government of India,while inaugurating the two-day ‘Global R&D Summit 2014’ onthe theme ‘Next Gen Innovations through InterdisciplinaryResearch’.

Mishra said that the new ‘Sfurti scheme’ launched by his ministry has helped in providing start-up funds for small and new ventures. This was in keeping with the government’s desire to promote innovation in industry and make India a global R&D hub in the coming years. There is also a need to boost export in the every sector and we need to upgrade our R&D and Marketing strategy to make the MSME produce globally competitive and acceptable products, said the minister.

The minister also declared that the 15 new technological research centers for high end research to be set up with the help of the World Bank will devise new production techniques and push India’s products in the world market. They will also make India an ideal destination of ‘Make in India’ policy launched by the new government.

Mishra said the government is continuously working towards skill development by introducing and implementing biometric system. Not only in terms of technical advancement support but we are equally focusing on the social problems of our country by promoting women and SC/ST entrepreneurship, especially in the rural and tribal areas.

The MSME sector is the nursery of entrepreneurship and has been recognized worldwide as the engine of growth. The MSMEs also have a vital role in the dispersal of industries and generation of employment and opportunities.

The micro, small & medium enterprises contribute nearly 8% of the country’s GDP, 45% of the manufacturing output and 40% of the exports. They provide the largest share of employment after agriculture. They are the nurseries for entrepreneurship and innovation.