The Union Ministry of Mines has decided to fund research and innovation in startups and MSMEs in the mining, mineral processing, metallurgy, and recycling sectors.
- Proposals will be invited from Start-ups, MSMEs, and Individual Innovators which have a direct bearing on the minerals sector
- Selected Startups and MSMEs will be provided mentorship or incubation support and technical advisory support during the entire project.
The Union Ministry of Mines announced on Wednesday that it has decided to fund research and innovation in startups and MSMEs in the mining, mineral processing, metallurgy, and recycling sector (S&T-PRISM) and has brought out guidelines for the scheme.
Proposals will be invited from startups, MSMEs, and Individual Innovators who have a direct bearing on the minerals sector, applied and sustainable aspects of mining and industrial applications, for funding up to two years, the ministry said.
The decision can enable them to graduate to a level where they will be able to raise investments or they will reach a position to seek loans from commercial banks/financial institutions.
The funding is positioned to act as a bridge between the development and commercialization of innovative technologies/products/services in a relatively hassle-free manner, the ministry’s statement explained.
The main idea of the S&T-PRISM is a translation of research into technology (product/process/services) but not to carry out open-ended fundamental research. Investigations must lead to innovation or new products/processes ready for demonstration or pilot scale deployment not merely be at the patent stage.
Selected Startups and MSMEs will be provided mentorship or incubation support and technical advisory support during the entire project development period and additionally for two years from the date of technical completion, by a Facilitation and mentorship team under the implementing agency.
The scope of mentoring support will include advisory, networking, tapping resources, piloting, business planning, and fundraising. Further, piloting opportunities for Startups and MSMEs, shall be provided in the mining, mineral processing, metallurgy, and recycling sector. Preference will be given to Startups/MSMEs of North East region and women-led enterprises, according to the ministry’s statement.
Recognizing the paramount importance of safety, economy, speed, and efficiency in the extraction of mineral resources and in its convergence into viable economic alloys and metals, the National Mineral Policy has accorded higher priority to Research and Development (R&D) programmes.
On the other hand, the latest tranche, or the 15th Installment money of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojna was transferred by Prime Minister Narendra Modi.
PM Modi handed out the 15th tranche of around Rs 18,000 crore under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) to eligible farmers by releasing direct benefits transfer to more than 8 crore beneficiaries.
(With inputs from agencies)