In a significant move aimed at fostering technological innovation in the industry, the Ministry of Mines recently introduced a novel program, titled Promotion of Research and Innovation in Start-ups and MSMEs (S&T-PRISM). This initiative is poised to fill the longstanding gap in research and innovation within startups and MSMEs operating in the fields of mining, mineral processing, metallurgy, and recycling.

Administered by the Jawaharlal Nehru Aluminium Research Development and Design Centre, the program invites proposals from startups, MSMEs, and individual innovators for a duration of up to two years. A dedicated team will provide mentorship, incubation support, and technical advisory assistance throughout the entire project development period. Additional support will be extended for two years from the date of technical completion.

A robust foundation in science and technology is imperative for research and development in the mining sector. While the ministry has traditionally funded mining research activities, this new initiative focuses on offering support to MSMEs and startups, promising positive outcomes for the sector. The scheme's objective, emphasising the translation of research into technology and the development of new products or processes ready for demonstration or pilot scale deployment, adds an intriguing dimension to the initiative.

Meanwhile, the Chief Economic Advisor rightly asserted last week that Indian startups will play a pivotal role in propelling India to become the world's third-largest economy. He highlighted the exceptional transformation of the country's startup landscape, positioning it as the third-largest ecosystem globally. While this achievement is certainly commendable, sustaining this trajectory necessitates continuous and dedicated efforts.

Source: SME Times