Press Release

Innovation, education & industry needs to be work closely for benefit of society: Bhanu Pratap Singh Verma, MoS, Ministry of MSME

New Delhi, 10th May 2022: Any innovation happening either at the grassroots level or in higher educational institutions must be linked to the industry for commercialization of the innovation, said Mr. Bhanu Pratap Singh Verma, Minister of State- Ministry of MSME at the ASSOCHAM event today.  

Speaking at a webinar on "5th ICT Startups Awards and Conference BUILDING FOR THE WORLD: Accelerating IP Readiness for INDIA'' organized by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), where he was the chief guest, Mr Verma further stated that there has been an appreciable spurt in policy support for young start-ups in different sectors. A large number of startups based on e-commerce-based platforms have attracted venture capital support in the last few years. Some of them have succeeded and created niche for themselves.

“The central government's ‘Make in India’ initiative aims to boost and encourage the MSME sector as well as local manufacturing,” he said.Under the National Manufacturing Competitiveness Programme, the Ministry of Micro, Small and Medium Enterprises (MSME) is implementing a Scheme“ Building Awareness on Intellectual Property Rights (IPR) for Micro, Small and Medium Enterprises”. In this scheme, setting up of Intellectual Property facilitation center (IPFC) is one of the main activity. The objective of setting up of IPFC is to guide MSME and starups regarding utilisation of IP tools and technologies for better management of their intellectual property related needs, said Mr. Bhanu Pratap Singh Verma Minister of State, Ministry of MSME.  

"Innovation has reached center-stage in policy - making in the science and technology domain. This has strengthened the resolve of the government to encourage innovation and innovation-based enterprises. At the same time, it has helped in unlocking the latent creative energy of our billion plus people. I take this opportunity to applaud the efforts of the ASSOCHAM". 

India is poised to take the fruits of development through initiatives like Atamnirbhar Bharat India, Digital India and Swachh India to all corners of the country. Ideas of innovators will make a true difference only if all of us in different roles and institutions join hands in creating samvedan-sheelta and srijan-sheelta (compassion and creativity) in the country, said Mr Verma.

He further mentioned that MSME sector was affected the most by COVID-19 pandemic. With the Emergency Credit Line Guarantee Scheme (ECLGS) initiative by Prime Minister Shri Narendra Modi , we have tried to help the MSME sector to revive from the pandemic hit situation by providing the guarantee cover of ₹5 lakh crore, said the minister.