Centre to launch Idea bank for innovation: Gadkari

To promote innovation, the government will soon launch a "Bank of Idea and Innovation" Micro, Small & Medium Enterprises and Road Transport Minister Nitin Gadkari said on Friday.

Terming innovation the key to development, the minister said a new website by the name of ‘Bank of Idea and Innovation’ is likely to be launched next week, where the industry or public can give suggestions and ideas for anything focused on development and growth of the country.

"If any idea or innovations suggested by the public is worth and practical to implement, the government will take it forward and implement it, he said.

Addressing CII National Conference attended by 100 CEOs from across the country, the Minister said the Government has lifted the ban on the entry of corporates and private players in MSME (Micro, Small and Medium Enterprises) sector to pave way for the formation of 700 clusters.

The lifting the ban would help to reduce dependence on imports and aid in job creation, he said.

"Private sector can work with us and I need your support. Clusters ... we have sought proposals from the industry for this," he said citing an example that incense sticks worth Rs 4,000 crore were imported, which could be manufactured here.

The minister said the need was to move from import substitution to export promotion and this could lead to further progress of MSMEs.

“We will encourage large enterprises to build an ecosystem of ancillaries and vendors, so that MSME can contribute to production at home. The government will support the export of goods that MSME can produce, engage in skill development by building ITIs in all areas”, he said, urging the industry to join hands.

Ensuring easy availability of capital is of prime importance for sectors, he said and urged the industry to come forward to find innovative sources of financing other than banks, especially for the MSME sector.