Khadi & Village Industries Commission (KVIC) is gearing up to channelize all its energies for suitable appropriation of all its utterly underutilised assets, which is estimated around Rs.50,000 crores. KVIC is looking forward to setting up of innovation and incubation centres for startups and stand-ups.
Disclosing the above at the recently-held Innovation Summit-2016 Enhancing Innovative Capacities of MSMEs at the PHD Chamber of Commerce and Industry in Delhi, CEO, KVIC, Arun Kumar Jha also observed that one of the key policymaking institutions in India – the NITI Aayog and the leading financing institution SIDBI – are collectively on the job.
“KVIC has been grappling with the problem to seek a solution as to how it could explore ways and means to suitably turn its dead assets located at different parts of the country in turning them into profit-making centres. However, recently the NITI Aayog as also SIDBI have come into the rescue of KVIC by proposing to it various schemes and financial assistance so that such assets could be converted into yielding centres”, said Jha.
He further opined that innovation and incubation centres would be ideal to be set up in such places to train emerging entrepreneurs – largely in MSMEs segment for the various sector of Indian economy – so that their hidden potential is realized for growth, capital creation and additional employment generation in the country.
Speaking on the occasion General Manager, SIDBI, Satya Prakash Singh expressed his concern that many entrepreneurs including start-ups and stand-ups approach SIDBI for funds without a perfect blueprint. He also asserted that crores of rupees grant and assistance already earmarked for such entrepreneurs in the Budget would be allocated through a high level of due diligence.
He suggested that entrepreneurs and start-ups should first complete their homework in a meticulous manner and subsequently approach the SIDBI to support their venture that is found to be commercially viable as the institutions will entertain only such requests.
Among others, dignitaries who attended the summit included Vice President, PHD Chamber, Anil Khaitan; Chairman, Innovation Committee, PHD Chamber, Deepak Pahwa and its Sr. Secretary, Jatinder Singh.