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About ASPIRE scheme
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1.1 Objective of ASPIRE SCHEME
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Creation of new jobs and reducing unemployment.
- Grassroots economic development at the district level.
- Promoting entrepreneurship culture in India.
- Facilitating innovative business solutions for meeting the social needs of the people.
- Promoting innovation for further strengthening the competitiveness in the MSME sector.
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1.2 Scope of ASPIRE
The assistance provided under this scheme is used for the following purposes:
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Automation of agricultural practices and related activities.
- Addition of value for agriculture and forest produce.
- Recycling of agricultural pre/post-harvest wastages, animal husbandry, off-farm but linked to farm activities, etc.
- Business models for value addition and aggregation relevant for rural areas, for social impact and the generation of local employment in rural areas.
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1.3 Component of ASPIRE Scheme
The components of this scheme are-
- Livelihood Business
Incubation (LBI)
The main objective
of Livelihood Business Incubation is setting up business incubators to incubate,
provide skill development training to youth, impart entrepreneurship and facilitate
funding for empowering the entrepreneurs to set up their business enterprises. The
main focus of these incubators is creating jobs at the local level and reducing
unemployment. These incubators create a favourable ecosystem for the development
of entrepreneurship in the country. The LBI’s create enterprises on a large scale
by taking up those commercial activities which are already established.
- Technology Business
Incubation (TBI)
Technology Business
Incubators are an effective economic development tool. TBI promotes the growth of
an enterprise through the application of technology, innovation and supporting economic
development strategies for small business development. They also encourage growth
in local economies and provide mechanisms for technology transfer. The TBI’s mainly
focus on those technologies that require support for commercialisation and future
proliferation. The programmes under TBI include support and setting up incubation
centres, incubation of ideas, creation of business enterprises out of innovative
ideas and accelerator programmes for incubators.
- Start-up Promotion
through Small Industries Development Bank of India (SIDBI)
The Small Industries
Development Bank of India (SIDBI) enables ideas/innovations that have creativity
and scalability to come ahead and convert these into commercially viable enterprises
within a specified period with specific outcomes through innovative means of finance.
The innovative means of finance of SIDBI include equity, quasi-equity, venture capital
fund, angel fund, challenge fund, impact fund, etc. A fund of funds is also created
under SIDBI for achieving the purpose of converting ideas/innovations into commercially
viable enterprises. This component targets knowledge initiatives which require support
and nurture to succeed in the development of technology. It also targets the business
enterprises in the areas of innovation, accelerator support in Agro-based Industry
vertices, entrepreneurship and forward-backwards linkage with multiple value chains
of manufacturing and service delivery.
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