The Khadi & Village Industries Commission (KVIC) will channelise all its underutilised assets, spread across the country with an estimated amount of Rs 50,000 crores for setting up of innovation and incubation centre for start ups and stand ups. It has an aim to enhance innovations in multiple sectors of Indian economy for its overall growth, capital creation and additional employment generation.
Disclosing the above at an Innovation Summit-2016 – Enhancing Innovative Capacities of MSMEs under aegis of PHD Chamber of Commerce and Industry in New Delhi today, CEO, KVIC, Arun Kumar Jha observed that one of the key policy making 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”, Jha said.
According to him, innovation and incubation centres would be ideal to be set up in such places for necessary imparting of training to emerging entrepreneurs, largely in MSMEs segment for various sector of Indian economy so that their hidden potential is utilised for growth, capital creation and additional employment generation in the country.
The CEO KVIC also admitted that his institution was toying with the idea of engaging celebrities to promote KVIC and its products. Due to this, not only the sales of KVIC went up by 30 per cent but also its brand image underwent a massive transformation in the recent past.
Speaking on the occasion Satya Prakash Singh, General Manager, SIDBI expressed a concern saying that not many genuine entrepreneurs including start-ups and stand-ups have been approaching SIDBI for financing. And therefore, he 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.
According to him, entrepreneurs and start-ups should first complete their home work in a meticulous manner and subsequently approach the SIDBI to support their venture that are found to be economically viable as the institutions will entertain only such requests.