Hyderabad: Centre to bankroll 200 technical institutes in rural areas

Hyderabad: The Centre has decided to increase funding to the technical higher educational institutions during the current financial year.

A letter from the All India Council for Technical Education (AICTE) said that it was decided to engage at least 200 private and government engineering and technical institutions from the rural areas of the country through a scheme for Promoting Innovation, Rural Industry and Entrepreneurship (ASPIRE).

It may be mentioned here that so far only 40 engineering and technical institutes are utilising the ASPIRE, rolled out by the Ministry of Micro, Small and Medium Enterprises (MSME), to give a fillip to entrepreneurship and promote start-ups, especially in rural industries.

Under the ASPIRE, the institutions are funded for developing incubation centres to nurture ideas. For this, the institutions will be provided financial assistance up to Rs 1 crore for establishing plants and machinery and the institution has to provide only building.

Also, Rs 4 lakh will be provided for incubation of each idea and an additional Rs 20 lakh to convert each incubated idea into a successful business. The funding for converting into a successful business will be provided through various venture capital funds, etc, the AICTE said.

Adding, so far around 40 technical institutes have availed the benefits under ASPIRE, and "the Ministry plans to add at least 200 additional technical institutions under the scheme during the current financial year."

As part of utilising the ASPIRE funding the AICTE asked the institutions to take the benefits under the scheme and set up 'technology business incubators' and 'livelihood business incubators' and to promote the industrialisation in smaller towns and villages. To access the details of ASPIRE, the colleges were asked to visit https://aspire.msme.gov.in or write directly to the ministry on the email at js.ari@nic.in.