: IIT BHU signs MoU with MSME Ministry for design expertise #FinanceIndia #StockMarketNEWS IIT BHU signs MoU with MSME Ministry for design expertise Varanasi, Mar 1 (KNN) The Indian Institute of Technology

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IIT BHU signs MoU with MSME Ministry for design expertise #FinanceIndia #StockMarketNEWS
IIT BHU signs MoU with MSME Ministry for design expertise Varanasi, Mar 1 (KNN) The Indian Institute of Technology (IIT) Varanasi (BHU) has signed a Memorandum of Understanding (MoU) with the Ministry of Micro, Small and Medium Enterprise (MSME) under Credit Linked Capital Subsidy and Technology Up-gradation Scheme (CLCS-TUS) to provide design expertise to manufacturing MSME sector.

The IIT (BHU) has been incorporated as one of the implementation agencies and would facilitate the smooth running of this scheme, which would be implemented through the office of the Development Commissioner (MSME).

Dr Mohd Zaheer Khan Yusufzai of the department of Mechanical Engineering, IIT (BHU) said that the goal is to help MSME manufacturing industries move up the value chain by switching the production mode fr0m original equipment manufacturing to original design manufacturing.

"Hence, original brand manufacturing, and enhanced strategic design application among MSMEs for improving the manufacturing competitiveness through well design and quality is on the cards. The main objective of this scheme is to bring Indian manufacturing sector and design expertise/fraternity on a common platform and provide expert advice and cost-effective solutions on real time design problems, resulting in new product development, continuous improvement and value addition for existing products including new products," he added.

He further said that the IIT (BHU) would assist the MSMEs by providing them with the best possible design expertise present in the country.

It would help the MSMEs to solve their design problems, improve the quality of their existing products and convert their innovative ideas into new and marketable products.

The MSMEs can approach the ministry through IIT (BHU) for funding these design projects where funding up to Rs 15 lakh can be provided by the ministry and only 25 per cent has to be provided by the enterprise interested in that project. The institute would also help the MSME in preparing the projects proposal.

He said that another interesting part of the scheme is the students design project where the manufacturing industries can take the services of students fr0m IIT (BHU) to solve their design problems and develop innovative products. A funding of Rs 1.5 lakh would be provided by the ministry (with 25 per cent fund provided by the MSME).