India’s Government to Support 100 Incubators in Emerging Industries
The India Ministry of Micro, Small and Medium Enterprises announced last week a plan to provide funding to 50 universities and training institutions for the creation of up to 100 enterprise incubators within innovative fields.
While the details have yet to be released, the Ministry plans to provide funding to 50 universities to create up to 100 incubators that will host approximately 1,000 micro and small enterprises over five years. The government will provide grants of Rs. 5 lakh per incubator - about $62,000 USD - to help support and promote emerging industries, including biotechnology and pharmaceuticals.
Last year, the Parliament enacted The Micro, Small and Medium Enterprises Development Act of 2006, calling for the “promotion and development and enhancing the competitiveness of micro, small and medium enterprises.”
More information about the Act is available at: http://ssi.nic.in/MSME%20Development%20Gazette.htm