In a major development, the Office of the Development Commissioner, Ministry of MSME, Government of India, has approved the proposal from the Islamic University of Science and Technology (IUST) to act as a Host Institute and Business Incubator under the MSME Innovative Scheme.
The landmark decision is expected to significantly boost innovation and technology development in the Kashmir region, with a strong focus on the commercialisation of innovative ideas. Under the scheme, any innovative idea routed through IUST and approved by the competent authority will receive grant-in-aid support of up to ₹15 lakh per idea for prototype development.
Currently, the National Institute of Technology Srinagar (NIT Srinagar) is already operating a similar incubation centre in the Kashmir region. Notably, during the current year, two innovative ideas from NIT Srinagar have been approved for financial support for prototype development.
Saheel Alaqband, Assistant Director handling the scheme in the Kashmir region, stated that such initiatives will provide a significant impetus to technology development, particularly by promoting the commercialisation of innovations.
A. K. Tamaria, Joint Director & Head, MSME DFO Jammu, emphasized that the Ministry of MSME remains committed to identifying and supporting innovations with strong commercialisation potential, adding that fostering such innovation is essential for achieving competitiveness in today’s global landscape.
