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Govt To Invite Proposal From Start-Ups, MSMEs Others To Promote R&D In Mining

Chosen start-ups and small businesses will get help and advice from mentors and technical experts throughout the entire project development period

Govt To Invite Proposal From Start-Ups, MSMEs Others To Promote R&D In Mining
POSTED ON November 15, 2023 3:27 PM

The mines ministry on Wednesday said it will invite proposals from start-ups, micro, small, and medium enterprises (MSMEs), and individual innovators in a bid to promote research and innovation in the mining, mineral processing, metallurgy, and recycling sectors. 

The selected start-ups and MSMEs will be provided mentorship or incubation support and technical advisory support during the entire project development period. Besides from the date of technical completion, the selected start-ups and MSMEs will be provided an additional two years of incubation support by a facilitation and mentorship team under the implementing agency. 

The Centre has decided to promote research and innovation in start-ups and MSMEs and "has brought out guidelines for 'promotion of Research and Innovation in Start-ups and MSMEs in mining, mineral processing, metallurgy and recycling sector (S&T-PRISM)'. 

"Proposals will be invited from start-ups, MSMEs and individual innovators for up to two years duration, which has a direct bearing on the mineral sector, applied and sustainable aspect of mining and industrial applications, for funding," the mines ministry said in a statement. 

This will 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, and financial institutions. 

The funding is positioned to act as a bridge between the development and commercialisation of innovative technologies, products, and services in a relatively hassle-free manner. 

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