Innovation & Incubation Centre To Come Up At KVIS's Under Utilized Assets Worth Rs. 50,000 Crores, Claims Its CEO at PHD Chamber

Khadi & Village Industries Commission (KVIC) is gearing up to channelize all its energies for suitable appropriation of all its utterly underutilized 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 to realize the Prime Minister ambition for enhancing 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, CEO, KVIC, Mr. Arun Kumar Jha also 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 the 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 Mr. Jha.

According to him, innovation and incubation centres would be ideal to be set up in such places for necessary impartment of training to emerging entrepreneurs, largely in MSMEs segment for various sector of Indian economy so that their hidden potential is realized 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 but with Prime Minister agreeing to endorse the two, not only the sales of KVIC went up by 30% but also its brand image underwent a massive transformation in the recent past.

General Manager, SIDBI, Mr. Satya Prakash Singh expressed a concern saying that not many genuine entrepreneurs including start-ups and stand-ups have been approaching SIDBI for financing and therefore, 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.

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