Indore: Emphasis On Modernising, Strengthening MSMEs

Indore: Emphasis On Modernising, Strengthening MSMEs

The department helps MSMEs to promote socio-economic growth and employment opportunities in the state.

Staff ReporterUpdated: Thursday, December 14, 2023, 02:31 AM IST
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Indore (Madhya Pradesh): HR Muzalda, joint director industries, shared his insights on how businesses should take an upper hand of MSME schemes and incentives in favour of their business.

The department helps MSMEs to promote socio-economic growth and employment opportunities in the state. It also provides access to credit, technology and local as well as global markets for MSMEs, he said.

Addressing a programme organised by ASSOCHAM in the city, Muzalda said that industrial development subsidy will be provided as per rule to a new industrial unit investing up to Rs. 10 crore for plant and machinery. Industrial development subsidy to new industrial units at 40% on the eligible investment in plant, machinery and building.

Sharad Kumar Rawat, assistant director, MSME DO, Indore, said MSME Innovative Scheme is an amalgamation of the incubation, design and IPR schemes of the Ministry of MSME. He mentioned about the reimbursement by the government for IPR- foreign patent up to Rs 5 lakh, domestic patent up to Rs 1 lakh, trademark patent up to Rs 10,000. Udyam registration is mandatory for this reimbursement with the right address so that claims are not rejected, he added.

Akhilesh Rathi, co-chair, ASSOCHAM Madhya Pradesh State Development Council and managing director, Bhaskar Denim, gave a welcome address focusing on intellectual properties to strengthen the sustainable ecosystem of businesses. Empowering MSME enterprises to approach National IP Yatra with IP filings, collaborate with state initiatives and private institutions, education on asset filings and commercialisation. IP yatra aspires to catalyse economic growth for MSMEs as innovators.

Yogesh Bajaj, deputy controller of patents and designs, Indian Patent Office, emphasised the commercialisation of the patent system. Maharashtra, UP, and Tamil Nadu are the top filing states. Madhya Pradesh needs to do better when it comes to trademark applications and IP filings.

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