Post News Network
Bhubaneswar, August 11: In an attempt to promote entrepreneurship among youths, the state government Tuesday launched Youth Innovation Fund Scheme under which budding entrepreneurs will be provided `3 lakh for their innovative ideas behind setting up of enterprises.
“If an enterprise is set up on the basis of a new idea, such innovation will attract prize money of `3 lakh,” Chief Minister Naveen Patnaik said while launching the scheme at Soochana Bhawan here Tuesday. The scheme would be executed under micro, small and medium enterprises (MSME) department.
“The new fund has been created to motivate youths to come out with new ideas and promote innovative products and services for the cause of socio-economic development of the state,” Patnaik said.
He further said deserving innovators would be rewarded with `50,000 for new ideas and `1 lakh for demonstrative products, prototypes, patents, and incubated products of services.
MSME officials said the size of the corpus will be `2 crore and Orissa Small Industries Corporation Limited would be the nodal agency to implement the scheme. Adolescents and youths in the age group of 13 to 35 can apply to avail the benefits under this scheme.
Stating that promoting innovation among youths is one of the most important aspects of youth entrepreneurship, the Chief Minister said, “The Orissa Innovation Fund is an appropriate initiative in encouraging innovation among the youth.”
“More than anything, our state needs its youth stand up and showcase their creativity,” he added.
Highlighting the steps taken by the state government for youths under various schemes, especially Orissa State Youth Policy, Patnaik said, “The government has been consistently making efforts to create more opportunities for young women and men through quality education, enhanced opportunities for entrepreneurship and employment with emphasis on social inclusion and gender equality in the state.”
Moreover, he suggested to the MSME department to develop technology incubation centres and livelihood business incubation centres under Centrally-sponsored schemes.