Govt Grant 40 Lakhs New Design Scheme | Business | Sarthak Ahuja

The Government is giving Rs 40 lakhs as grant if you want to build a new product design or prototype...

The MSME Innovative Design Scheme has been launched by the Govt of India to help MSME businesses come up with new product designs to promote innovation.

Eligibility Criteria:
- MSME Registered Business (Micro or Small)
- Engaged in Manufacturing Activity
- Should employ a qualified Industrial Designer to work on the project

Process:
- Submit the project proposal to an Implementing Agency (IITs, NITs and IISc)
- After screening, interview and approval, the IA will submit its recommendations to the approving authority
- The proposals will be evaluated on several criteria, and once approved, funding shall be released Amount of Grant
- 75% of Project Cost up to a maximum of Rs 40 lakhs
- Disbursed as 40% at Concept Stage, 30% at Detail Design Stage and 30% at Completion Stage
- The project should be completed within 1 year

Assessment Criteria:
- Creation of innovative products for the market with new patents, IPs
- Improve competitiveness of existing Indian products
- Scope of commercialization of these designs for business and wealth creation
- Ability of cost efficiency, energy savings, waste reduction, safety improvement...

For more details, visit innovative.msme.gov.in. Email IDs of all IAs and application process is given on the website. Would be great to know if someone’s already started applying. Can exchange notes and learn more about your experience.
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A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.
Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years.

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