ASPIRE Scheme

ASPIRE Scheme Latest News

India’s ASPIRE scheme is helping transform rural livelihoods by supporting aspiring entrepreneurs with training, incubation and business development assistance. 

About ASPIRE Scheme

• ASPIRE (A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship) scheme was launched in 2015.
• It promotes entrepreneurship and employment generation, particularly in rural and agro-based sectors.
• It provides financial, technical, and mentoring support to entrepreneurs through incubation centres and cluster-based development.
• Nodal Ministry: Ministry of Micro, Small & Medium Enterprises 

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ASPIRE Scheme Features

• It promotes rural entrepreneurship and innovation through incubation support.
• It focuses on establishing Livelihood Business Incubators (LBIs) in rural and underserved areas.
• It encourages the development of agro-based and rural enterprises with high employment potential.
• It supports Technology Business Incubators (TBIs) to promote innovation and technology-driven start-ups.
• It provides financial assistance for setting up incubators through capital grants.
• It offers grant support up to ₹1 crore for Government and PSU incubators.
• It provides grant support up to ₹75 lakh for private or PPP incubators.
• It provides one-time financial support up to ₹1 crore for operational expenses of incubators.
• It offers seed capital and risk funding support for early-stage innovators and start-ups.
• It strengthens enterprise clusters to improve productivity and market access.

Eligibility for ASPIRE Scheme

• It is open to Government institutions, Public Sector Undertakings (PSUs), and private or PPP organizations for establishing incubators.
• It is available to MSMEs with valid Entrepreneurs Memorandum (EM) registration.
• It supports individual innovators and entrepreneurs through incubation and mentoring services.
• It gives priority to start-ups working in agro-based, rural, and technology-driven sectors.
• It requires institutions to have adequate infrastructure and technical capability for incubation activities.

Source: PIB