The Ministry of Small and Medium Enterprises (MSME) has launched a program to encourage creativity and entrepreneurship in the industry.

The MSME ministry announced a novel initiative on Thursday to encourage MSMEs to be more creative, adopt new technology, and be more aware of the value of intellectual property rights. The initiative combines the ministry’s incubation, design, and IPR (intellectual property rights) schemes.

It would serve as a center for innovative activities, as well as aiding and leading the generation of ideas into viable business propositions that can benefit directly society and also be successfully sold.

MSME Minister Narayan Rane, who launched the scheme, said it will benefit the MSME sector, which accounts for a large portion of the nation’s exports and manufacturing.

He believes that the industry should step forth and take advantage of the program. The government would also provide financial aid for innovation, design, as well as IPR protection under the plan.

The scheme’s IPR vertical intends to raise MSMEs’ awareness of these rights and to take necessary measures to ensure ideas, technical innovation, including knowledge-driven business models.

Likewise, under the invention vertical, latent creativity, as well as the use of cutting-edge technologies in MSMEs, would’ve been fostered and promoted. The design portion of the plan is focused on combining the manufacturing industry and design skills onto a shared platform. It also aims to provide real-time professional guidance and cost-effective solutions for new product development design difficulties.