ASPIRE Scheme

The ASPIRE (A Scheme for Promotion of Innovation, Rural Industries, and Entrepreneurship) initiative, launched by the Ministry of MSME, aims to foster entrepreneurship and innovation in rural areas, particularly within the agriculture sector. 

The scheme facilitates the establishment of livelihood business incubators and technology centres, providing necessary technological and financial support to boost local enterprises, create jobs, and reduce unemployment.

This scheme is designed to improve skills and enhance entrepreneurship in the country. Here are some main features:

• Cultivate entrepreneurship throughout India by encouraging individuals to start innovative ventures
  

• Promote job creation and reduce unemployment by establishing new businesses
  

• Strengthen local economies by focusing on economic development at the district level
  

• Enhance the competitiveness of the Micro, Small, and Medium Enterprises (MSME) sector for economic growth
  

• Facilitate the development of innovative business solutions that address social requirements

The technical support that this scheme aims to provide can be used for various purposes, such as:

• Enhancing the value of agricultural and forest yields
  

• Implementing automated techniques in agricultural practices
  

• Creating business frameworks to increase value and pool resources in rural regions
  

• Focusing on social benefits while creating employment opportunities
  

• Repurposing agricultural pre- and post-harvest waste

This scheme offers a wide range of benefits for entrepreneurs. Here is a quick snapshot:

• Financial Support

Provides financial grants to establish TBIs and LBIs, covering expenses related to infrastructure, equipment, and training. Government agencies can receive up to ₹1 Crore, while private agencies can receive up to ₹75 Lakhs for procuring plant and machinery.

• Operational Expenditure

Offers a grant of up to ₹1 Crore for government and private agencies towards operational expenses, such as manpower costs and running incubation and skill development programmes.

• Skill Development and Upgradation

Offers training to help early-stage entrepreneurs successfully run businesses.

• Employment Generation

Generates new job opportunities in rural areas, reducing unemployment and poverty.

• Market Connectivity

Links entrepreneurs to markets, supporting business establishment and growth.

There are various components of this scheme. Here is a brief overview:

Technology Business Incubation (TBI)

TBIs serve as tools for economic development by providing technology to support business growth. They promote the use of technology and facilitate technology transfer. 

TBIs mainly focus on technologies that are required for commercialisation. They promote the setting up of incubation centres, business creation, and accelerator programs.

Livelihood Business Incubation (LBI)

LBI sets up business incubators offering skill development, mentorship, and training in entrepreneurship. It also offers the required funding to empower entrepreneurs to start businesses.

The main focus is on generating employment opportunities and reducing unemployment. LBIs also utilise existing commercial activities to boost the formation of enterprises.

Start-up Promotion Through Small Industries Development Bank of India (SIDBI)

SIDBI transforms creative and scalable ideas into commercially viable enterprises within specific timeframes. It achieves its goals through innovative financing methods.

These include equity, venture capital, angel funding, challenge funds, etc. It also establishes a Fund of Funds (FOF) to support the conversion of ideas into successful enterprises.

To benefit from this scheme, you need to meet the eligibility criteria set by the Indian Government. The following entities and individuals are eligible to obtain the benefits of the scheme:

• Government agencies at both central and state levels
  

• Existing training centres operated by ministries, departments, industry associations, and academic institutions
  

• Not-for-profit private organisations running successful incubation and skill development programmes
  

• Micro, Small, and Medium Enterprises (MSMEs) with a valid Udyam Registration
  

• Technical institutes, universities, and research centres, especially those focusing on rural and agricultural sectors
  

• Individuals who wish to start a business, particularly in rural and agro-based industries, and are above 18 years of age

To apply for the ASPIRE Scheme, you will need to submit the following documents:

• Identity proof

Aadhaar Card, Voter ID Card, or any other valid identity proof

• Proof of age

A document verifying your age, such as a birth certificate or any official document

• Caste certificate

If applicable, a valid caste certificate for individuals belonging to reserved categories

• Disability certificate

If applicable, a certificate confirming disability status

• Other documents

Any additional documents that may be required by the authorities for specific cases

Make sure to provide accurate and up-to-date documents to ensure a smooth application process.

The ASPIRE scheme promotes grassroots economic development, and applying for it can help you benefit from the available support. Follow these steps:

1. Submit your application to the ASPIRE Scheme Steering Committee under the Ministry of MSME
   

2. The Steering Committee will oversee overall policy, management, and coordination of the scheme

You can also:

• Select a Mentor Institute to assist with your application
  

• Upload the proposal through the selected Mentor Institute, as per the prescribed format, on the official portal www.aspire.msme.gov.in

Notes:

• The Secretary of the Ministry of MSME will serve as the chairperson of the ASPIRE Scheme Steering Committee
  

• The proposals in soft copy should be sent by the applicant organisation to the Mentor Institute and subsequently forwarded to the Ministry at js.ari@nic.in
  

• The list of designated Mentor Institutes, along with their contact details, will be available on the official ASPIRE portal at www.aspire.msme.gov.in

The ASPIRE (A Scheme for Promoting Innovation, Rural Industries, and Entrepreneurship) scheme was launched by the Ministry of Micro, Small & Medium Enterprises (MSME) on 16th March 2015. The initiative aims to accelerate entrepreneurship and promote start-ups, particularly in the agro-rural industry.

The scheme focuses on the establishment of:

• Livelihood Business Incubation Centres (LBIs)
  

• Technology Business Incubation Centres (TBIs)
  

• Fund of Funds (FoF) under SIDBI for supporting innovation and entrepreneurship.
  

ASPIRE was approved for continuation for the period 2021-22 to 2025-26, with a total budget allocation of ₹194.87 Crores. The revised focus of the scheme includes the creation of 125 LBIs and additional emphasis on fostering formal micro-enterprises, along with generating wage employment opportunities. The TBI component was discontinued due to convergence with the incubation schemes under the Department of Commerce (DC), MSME.

The ASPIRE scheme plays a crucial role in fostering entrepreneurship, innovation, and economic development in rural and agro-based sectors. By supporting the creation of livelihood business incubators, facilitating technological advancements, and promoting skill development, the scheme aims to boost local economies and create job opportunities. Entrepreneurs and organisations across India can benefit from the scheme’s financial support, training, and market linkages, ultimately driving growth in the MSME sector.

In addition to the support provided through the ASPIRE scheme, entrepreneurs looking for funding options can consider business loans available on Bajaj Markets to help scale operations. Whether you're seeking to expand your business or invest in new ventures, a business loan can provide the financial boost needed to grow your enterprise and achieve long-term success.