ASPIRE Scheme : Know its Meaning, Benefits, and Process

The full form of ASPIRE is ‘A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship.’ It aims to set up a network of incubation centers to accelerate entrepreneurship and also to promote start-ups for innovation and entrepreneurship in rural and agriculture-based industries.

Benefits of ASPIRE

The following are the key benefits of the ASPIRE scheme:

• Financial assistance of up to 1 Cr for Capital expenditure and 1 Cr for Operational Expenditure for setting up LBI.
• In case of Private Institutions Government of india assistance will be 75% or maximum 75 Cr.

ASPIRE Scheme Applicability

Any agency/institution of government of India/ State government or; existing training centers under Ministries/ Departments of Government of India/State Government, Industry Association, Academic Institutions and Any not-for-profit private institutions with experience in successfully executing incubation and/or skill development programs may be eligible to set up LBI.

How to Apply for ASPIRE Scheme

To apply for this scheme, the following steps must be followed:

Step 1: Go to online portal of ASPIRE and register

Step 2: Select the Mentor Institute

Step 3: Prepare Project Proposal with the help of Mentor Institute and Upload the Proposal on portal

Step 4: The Proposal will be analyzed by the mentor institute. If the proposal meets the criteria, it will be forwarded to the ministry. If the proposal does not meet the criteria, it will be reversed for revised proposal

Reference: https://x.com/minmsme/status/1825848866937151579