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Odisha Youth Innovation Fund scheme to encourage new ideas

The Odisha government launched Odisha Youth Innovation Fund scheme to encourage, nurture and promote innovative ideas and products at the grassroots.

The scheme, which was launched by chief minister Naveen Patnaik on Tuesday, will provide cash incentives ranging between Rs 50,000 and Rs 3 lakh to youths coming up with innovative ideas and products.

Youths in the age group of 13 to 35 can avail benefits under the scheme. Proprietorship and partnership firms, private or public limited companies, institutions, cooperative societies, trust, NGOs and entrepreneurship clubs promoted by youths can also apply.

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A selection committee headed by MSME secretary would grant funds to eligible candidates.

“The innovators will get Rs 50,000 for new ideas and Rs 1 lakh for any demonstrative technology and incubated products or services. An enterprise set up on the basis of these new ideas will be awarded Rs 3 lakh,” said Naveen while launching the scheme.

The scheme aims at identifying grassroots level innovations by youths in the state and facilitate them to set up enterprises for the promotion of their ideas or products.

Secretary, micro small and medium enterprises department, Panchanan Dash said that an initial budget of Rs 2 crores had been sanctioned for the scheme.

“There will be no limit to applications. Anyone irrespective of education, economic or social standing can apply and deserving ones will be rewarded. The Scheme has got rolling with Rs 2 crore but more funds will be infused by the Government if the demand grows,” MSME Secretary Panchanan Dash said.

Naveen Patnaik

Among others, MSME Minister Jogendra Behera, Industries Minister Debi Prasad Mishra, Tourism Minister Ashok Chandra Panda and Director of Industries Nityananda Palai spoke.

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