ASPIRE Scheme 2024: How to Apply, Objectives, Eligibility, Benefits

ASPIRE Scheme

The Indian government introduced the ASPIRE Scheme (A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship) in 2015 under the Ministry of Micro, Small & Medium Enterprises (MSMEs). With any luck, this programme will encourage creativity and entrepreneurship in rural areas, boosting the local economy and creating jobs. Read the article below to learn more about ASPIRE Scheme.

What is ASPIRE Scheme 2024 ?

The vast majority of Indians still depend on the agricultural industry. Poverty and unemployment still afflict the nation, despite the government’s implementation of several innovative programmes. The government’s ASPIRE programme, which attempts to develop enterprises and jobs in the agriculture industry, was introduced in order to counter this.

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ASPIRE Scheme Details in Highlights

Name of schemeASPIRE Scheme
Launched byIndian government
Launched in2015
DepartmentMinistry of Micro, Small and Medium Enterprises, GOVERNMENT OF INDIA
Objectiveto develop enterprises and jobs in the agriculture industry
Modeonline
Official Websiteaspire.msme.gov.in

Objectives of ASPIRE Scheme

The purpose of its establishment was to create a network of technology centres throughout India and incubation centres. The ASPIRE Scheme’s primary goal is to encourage entrepreneurship. Its objective is to support innovation among start-ups in the agroindustry.

We can summarize the objectives of scheme as below:

  • Reduce unemployment and generate new jobs
  • Encourage the culture of entrepreneurship in India
  • District-level grassroots economic development
  • Encourage creative business solutions to address unfulfilled societal requirements
  • Encourage innovation to boost the MSME sector’s competitiveness even more.

Features of ASPIRE Scheme

Some of the key features of ASPIRE Scheme are mentioned below:

  • To support entrepreneurship and startups in the agro-industry, a Scheme for Promotion of Innovation, Rural Industries, and Entrepreneurship (ASPIRE) aids in the creation of a network of technology centres and incubation centres.
  • ASPIRE was founded with the goal of creating a network of technology and incubation centres to promote entrepreneurship and assist new businesses in the agriculture industry.
  • The Hon’ble Finance Minister’s budget address for 2014–15 served as the inspiration for the project. With a budget of Rs. 200 crore, he suggested creating a Technology Centre Network to support innovation, entrepreneurship, and the agroindustry.
  • In addition, he suggested implementing a programme to enable both forward and backward connections with various supply chains for goods and services. In addition, he suggested starting a “District level Incubation and Accelerator Programme” across the country. These programmes aim to foster fresh concepts and offer the assistance required to boost entrepreneurship.
  • The goal of ASPIRE is to equip entrepreneurs with the necessary skill set to launch firms, facilitate market connections, and offer support during a crucial phase that leads to self-sustainability.

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Benefits of ASPIRE Scheme

The benefits of ASPIRE Scheme are mentioned below:

  • Automation is being used in the relevant agricultural practices and processes.
  • Increasing the value of forestry and agricultural products
  • recycling of agricultural pre- and post-harvest waste, animal husbandry associated to but not occurring on farms, and so forth
  • Business models appropriate for aggregation and value addition in rural areas
  • Both company concepts with a social impact and business methods that provide local jobs in remote areas

Support Types

  • Technology Business Incubators (TBIs): These organisations assist high-growth potential, innovative companies, especially in the agro-industry sector.
  • Livelihood Business Incubators (LBIs): These facilities serve a broader spectrum of enterprises and offer assistance to aspiring business owners in a number of fields pertinent to rural communities.

Support Types Offered by ASPIRE

  • Financial Support:
  • Funds to establish tbis and lbis.
  • Assistance with the expenditures of building infrastructure, purchasing equipment, and providing training.
  • Programmes for developing skills:
  • Instruction in marketing, finance, business administration, and technology adoption.
  • Market Links:
  • Making connections between business owners and possible customers, financiers, and suppliers.
  • Networking Opportunities:
  • Encouraging conversations among business owners so they can exchange insights and experiences.

Eligibility Criteria for ASPIRE Scheme

Before applying for ASPIRE Scheme, make sure you fulfill all the eligibility criteria mentioned below:

  • Anyone above the age of 18 can get training as an incubatee.
  • Any businessperson who wants to launch a venture.
  • Any universities or technical/research centres, particularly those with a focus on rural and agricultural industries.
  • Manufacturing Under the Societies Registration Act of 1860, organisations such as Co-operative Societies and Charitable Trusts are registered.
  • It is not possible for incubators to participate in any other scheme run by the Indian government or a state government if they have already been awarded government funding for the same set of incubation-related activities.
  • Any institution or agency of the Indian government or a state government that works in the areas of technology, entrepreneurship development, rural development, or business management.
  • Any private business using the PPP model has the ability to create LBI.
  • Current incubators.
  • Any incubation facilities that are currently open and run by various organisations. Such as State Governments, National / Regional level GOI Institutions, or Ministries and Departments of the Government of India to establish such a facility devoted to incubation and company formation in the domain of agro-based industries
  • New incubation centres, along with academic institutions, R&D labs, universities, government agencies, and technology parks, will be established by qualified private institutions, such as industry associations.

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Application Process of ASPIRE Scheme 2024

The Ministry of MSME’s Aspire Scheme Steering Committee must receive an application. This committee will oversee overall policy, coordination, and management support for the Scheme. The Secretary of the Ministry of MSME shall preside over the Council. However, in order to apply for the help under the ASPIRE plan, the applicant must meet the eligibility requirements. The applicant also needs to submit supporting paperwork for their planned project or current business. Applicants only need to register for the programme by going to the official website.

FAQ’s

What ASPIRE Scheme is about?

A government programme called the ASPIRE Scheme attempts to encourage innovation and entrepreneurship in India’s rural communities. It focuses on setting up incubation centres that offer tools, guidance, and assistance to budding business owners so they may create profitable ventures.

What kind of assistance is provided by the ASPIRE Scheme?

The programme offers funding incentives for the establishment of incubation centres, skill-building courses for business owners, market connections to introduce them to potential customers and investors, and networking opportunities to exchange expertise.

To whom does the ASPIRE Scheme offer benefits?

A variety of benefits are available under the scheme for people launching new businesses, academic institutions and research centres concentrating on rural areas, registered MSMEs, government organisations engaged in rural development, already-existing incubation centres in agro-based industries, and newly established incubation centres by private entities.

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