News: Since its launch in 2015, the ASPIRE Scheme has approved 109 Livelihood Business Incubators (LBIs) across 27 States/UTs, benefiting over 1.23 lakh rural youth. (PIB)

About ASPIRE

• Full Form: A Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship (ASPIRE).
• Launched: 2015
• Ministry: Ministry of Micro, Small & Medium Enterprises (MSME).
• Type: Central Sector Scheme.

Objective

• Promote innovation, entrepreneurship, and rural industries.
• Generate employment through rural enterprises.
• Support start-ups and MSMEs in rural areas.

Key Highlights

• Establishes Livelihood Business Incubators (LBIs) to train rural youth.
• Provides hands-on skill training using plant and machinery.
• Supports sectors like: Agro-processing, Agritech, Rural manufacturing, Village industries

Implementation Framework

• Scheme Steering Committee
• Mentor Institutes
• Host Institutions (run incubators)

Financial Assistance

• Government/Public Institutions: Up to ₹1 crore (plant & machinery).
• Private/PPP Institutions: Up to ₹75 lakh.
• Operational support: Up to ₹1 crore for approved incubators.
• Seed Capital: Up to ₹20 lakh per start-up (debt/equity/venture funding).

ASPIRE Fund

• Managed by Small Industries Development Bank of India (SIDBI).
• Corpus: ₹310 crore.
• Provides indirect equity support through Alternative Investment Funds (AIFs).