International Cooperation Scheme (IC Scheme) for MSMEs
In order to promote the growth of the MSMEs sectors, the government is initiating the International Cooperation (IC) Scheme. The program inspires eligible organizations to participate in international MSMEs exhibitions, trade shows, trade meetings, etc. In addition, through this program, the Ministry of MSMEs promotes conferences, seminars, workshops and international training courses within the country with access to the beneficiaries of the CI Program.
The demand-oriented scheme provides financial aid to the enrolled subjects. However, financing is by re-compensation. The demand-oriented scheme provides financial aid to the enrolled subjects. However, financing is by re-compensation
Objectives of IC scheme
- First, to increase the fitness of the MSME sector
- Export promotion
- Adapting advanced and innovative technologies to improve the production unit
- Exploring new markets for their goods
- Upgradation of the sector while familiarizing with modernization
Activities under the Scheme
The IC scheme to attain its goal is conducting several acts that in turn facilitates the advancement of the MSME sector. Thereby, the following list encompasses the said activities
- Guidance for MSMEs diligence to meet international conferences
- Further, assistance to part take in global meets regarding the MSMEs trade international
- Conducting seminars, workshop, training in the country by Industries or government units
- Organizing an international exhibition, trade meets, fairs to conduct bilateral trade
- Furthermore, an official sent from the Ministry of MSMEs to the fairs.
- Central Organizations
- State Organizations
- Industry or enterprises
- Enrolled societies and trusts
- Units linked with MSME
The targeted units are eligible for registration under the IC scheme. Nonetheless, they must follow certain conditions to enjoy the benefits.
- The main objective of the unit must be to promote the MSME sector
- Targeted units must be registered under appropriate laws such as company law, company law, etc.
- Regular audit of the company is a must for three preceding years
- Any event subjected for reimbursement should have participated internationally
- At least 3 years of participation in related activities
Assistance Granted Under the IC Scheme
As already mentioned, financial aid is provided on the basis of compensation. Accordingly, this includes airfare, space rent, freight cost, advertisement, registration fee. However, the eligible candidate can avail reimbursement only on participating in the international meets. Besides, the applicant requesting aid must submit the budget of the expenditure. Nature of assistance is listed below:
Airfare– For MSMEs 100% recompense for an economy class ticket with a limit of 1 lakh.
Duty allowance– An office-bearer will get up to USD 150 per day for three days considering the date of the event
Accommodation– Government officials participating will benefit according to their entitlement
Space or Stall cost– For MSMEs, the reimbursement is 100% with a limit to 2.5 lakhs. Yet, office bearers will not avail this benefit
Freight charge– Up to Rs 25,000 per MSME organization
Publicity– less than 5 lakhs
Entry fee– Rs 5000 per MSME unit
Conducting international conference– Approximately Rs 4.5 lakh will be provided for this purpose
Foreign speakers or dignitaries (Airfare) – a maximum of Rs 2.5 lakh for minimum 3 dignitaries
Protocol for registration and availing benefits
The applicant must send a letter in the prescribed form to the Director of IC Scheme Ministry of MSMEs, Udyog Bhavan, New Delhi. it is necessary to attach all the important documents including the budget estimate along with the letter.