GRSE Accelerated Innovation Nurturing Scheme

12.07.2024

GRSE Accelerated Innovation Nurturing Scheme

 Why in the news?   

Recently, Raksha Rajya Mantri Shri Sanjay Seth launched “GRSE Accelerated Innovation Nurturing Scheme (GAINS 2024) of Garden Reach Shipbuilders & Engineers Limited (GRSE) in Kolkata.

About GRSE Accelerated Innovation Nurturing Scheme:

• It is an innovative scheme which seeks solutions to the problems related to the shipyards and promotes technology development using the start-ups created and nurtured in the country.
• It encourages and enables MSMEs and Start-Ups to develop innovative solutions for further technological advancement. It will give a new dimension to the future of Indian defense and with technological advancements and dedication it will enhance the strength of our armed forces and enhance maritime security.
• It is a unique national scheme to encourage and enable MSMEs and Start-Ups to develop innovative solutions that GRSE may incorporate for further technological advancement.
• The aim is to leverage the vast ecosystem of MSMEs and Start-Ups to address present and emerging challenges in the ship design and construction industry, while achieving the objectives of Atma Nirbharta.
• This initiative is in keeping with the ‘Make in India’ and ‘Start-up India’ policies of the Government of India.

Key facts about the MSME (Micro, Small, and Medium Enterprise):

• They are regulated under the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006.
• Earlier, MSMEs were categorized based on the amount invested in plant and machinery/equipment.
• With revised regulations effective from July 2020, annual turnover has also been added as a criteria.

Classification criteria of MSMEs:

• Micro Enterprise: Investment in Plant and Machinery or Equipment is less than INR 1 crore and Annual Turnover is less than INR 5 crore.
• Small Enterprise: Investment in Plant and Machinery or Equipment is less than INR 10 crore and Annual Turnover is less than INR 5O crore.
• Medium Enterprise: Investment in Plant and Machinery or Equipment is less than INR 50 crore and Annual Turnover is less than INR 250 crore.

                                                                    Source: PIB

Ques :- Consider the following statements regarding the GRSE Accelerated Innovation  Nurturing Scheme:

Statement-I

 It aims to enable MSMEs and Start-Ups to develop innovative solutions for further technological advancement.

Statement-II

 It is an initiative of the Ministry of Defence.

Which one of the following is correct in respect of the above statements?

A.Both Statement-I and Statement-II are correct, and Statement-II is the correct explanation for Statement-I.

B.Both Statement-I and Statement-II are correct, and Statement-II is not the correct explanation for Statement-I.

C.Statement-I is correct, but Statement-II is incorrect.

D.Statement-I is incorrect, but Statement-II is correct.

Answer A