MoS Verma also said that the Ministry of MSME has taken several initiatives to provide an impetus to promote creativity, innovation and entrepreneurship
The share of micro, small and medium enterprises (MSME) manufacturing output in all of India’s manufacturing output witnessed a slight dip at 35.98 per cent in 2020-21 as compared to 36.68 per cent in 2019-20, as per the Ministry of Statistics and Programme Implementation.
The Minister of State for MSME, Bhanu Pratap Singh Verma in a written reply to the Lok Sabha said that (MSMEs) play an important role in the manufacturing sector of the country. Meanwhile, MoS Verma also said that the Ministry of MSME has taken several initiatives to provide an impetus to promote creativity, innovation and entrepreneurship.
Verma said that financial assistance is being provided for innovation, design and protection of Intellectual Property Rights (IPR) in the MSME sector under the MSME innovative component of the MSME Champions Scheme launched on 10 March 2022. During the current financial year 2022-23, 257 ideas under MSME Idea Hackathon 2022, reimbursement of 1196 Trademarks, 186 Patents, 53 Design and 11 Geographical Indication (GI) have been approved for providing financial assistance with an estimated cost of Rs 34.00 Crore, he said.