AICTE requests institution to avail benefits of Scheme for Promoting Innovation, Rural Industry and Entrepreneurship

Apr 28, 2020 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The All India Council for Technical Education (AICTE) has requested all institute to avail benefit out of Scheme for Promoting Innovation, Rural Industry and Entrepreneurship (ASPIRE). The Ministry of Micro, Small and Medium Enterprises (MSME) had came up with this Scheme to accelerate entrepreneurship and promote start-ups, especially in rural industries. This Scheme will provide support to technical institutes for developing incubation-center’s to nurture new ideas. The scheme is open both for Private and Government institutes.

A financial assistance will be provided to the technical institutes for putting up plants and machinery (other than building) upto Rs.1 crore, assistance up to Rs. 4 lakhs for incubation of each idea and for converting each such idea into a successful business, assistance up to Rs. 20 lakhs will be provided through various venture capital funds, etc.

Thus, AICTE urges institutes to take benefit under the scheme and set up ‘Technology Business Incubators’ and ‘Livelihood Business Incubators’ for promoting industrialization in smaller towns and villages.

The details of the scheme are available on the Ministry’s website at https://aspire.msme.gov.in. For any further clarification, your institute may approach the Ministry at [email protected].


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