Odisha Youth Fund Scheme launched

Odisha Channel Bureau Bhubaneswar, Aug 11: In a novel initiative of his government, Chief Minister Naveen Patnaik today launched the Odisha Youth Innovation Fund to encourage youth entrepreneurship and innovation in the State.Speaking on the launching function that was held at Soochana Bhavan here, Patnaik claimed that his government has been consistently venturing to create more and more opportunities for young women and men through quality education, enhanced opportunities for entrepreneurship and employment with consistent emphasis on social inclusion and gender equality through various policies including the Odisha State Youth Policy.“I understand that the role of youth entrepreneurship have not been confined only to create enterprises, but also includes creation of the capacity to produce wealth, jobs and income which are the most direct indicators of economic development,” he observed.“One of the most important aspects of youth entrepreneurship lies in promoting innovation in youth. More than anything, our state needs its youth to stand up and showcase their inherent creativity. The Odisha Youth Innovation Fund is an appropriate initiative in encouraging innovation in youth,” he added.The Chief Minister further said that the fund has been created to motivate youth to come out with new ideas and promote innovative products and services for the cause of socio-economic development of the State.“I am told that the size of the fund will be Rs.2 crore. The Odisha Small Industries Corporation Limited will be the nodal agency to implement this scheme.The deserving innovators will be rewarded with Rs.50 thousand for new ideas and Rs.one lakh for any demonstrative product, prototype, patents, and incubated products of services. If any enterprise is set up basing on any new idea, such innovation will attract prize money of Rs.3 lakh.”Patnaik suggested that the MSME Department should develop technology incubation centers and livelihood business incubation centers with the schemes available with Government of India.“As the Government is working to bring out the entrepreneurship development policy, specific provisions may be made in our policy to promote innovation and finalize the policy within three months,” said Patnaik, while expressing hope that this initiative will be an effective programme in unleashing the innovative talent of our youngsters in business and industries.Among others Industries Minister Debi Prasad Mishra, MSME & PGPA Minister Jogendra Behera, Tourism & Culture Minister Ashok Chandra Panda and MSME Secretary Panchanan Dash also spoke on the occasion.According to the Micro, Small & Medium Enterprises Department of Government of Odisha, normally the technical & scientific intellects are encouraged through Science Exhibitions organized at different educational institutions of the State.But there was no formal mechanism to encourage & document new ideas & innovations and promotion of enterprises to utilize those ideas & innovation.This newly introduced, “Odisha Youth Fund Scheme” aims at ensuring evolution and diffusion of grassroots innovations in mission mode to cater socio-economic and environmental needs of the society.It may be mentioned that Micro, Small & Medium Enterprises plays an important role in economic growth of the State.Further contribution of the sector is quite vital for generation of employment, reduction in regional imbalance & export.Micro, Small & Medium Enterprises Sector will be benefitted through this scheme as it will promote non-traditional enterprise utilizing the local resources & raw materials, according to the Department.The scheme will be implemented through Odisha Small Industries Corporation (OSIC).To avail support for new ideas, innovations and enterprises coming up with those ideas & innovations, application in prescribed form is to be submitted to Odisha Small Industries Corporation.The form is available in Regional/District Industries Corporation.A youth of the State aged between 13 to 35 years can apply to avail the benefit under this new scheme.Selected applications will be rewarded with Rs.50,000 for new ideas, Rs.1,00,000 for any demonstrative product, prototypes, patents, incubated products or services.Besides, Rs.3,00,000 will be provides for development of any enterprise based on eligible innovative idea/products/services as prize money.