India to set up business incubation centre

THE Indian Government will conduct a feasibility study to set up a Small to Medium Enterprise (SME) business start-up Incubation centre for Papua New Guinea, according to a report.
The report is by the Ministry of National Planning and Monitoring on the outcomes of the government’s fact finding mission to India.
It states the ministry had requested India’s Ministry of Macro, Small and Medium Enterprises (MSME) to start a scoping mission to PNG and start drafting a memorandum of understanding (MOU) to focus on SME skills training, SME incubation programme and SME study tours within India to gain experience and knowledge.
National Planning and Monitoring Minister Richard Maru said the SME sector in India started a programme called Skill India Programme where they have 500 business incubation centres scattered throughout India.
“This is where all school drops go to and are taught entrepreneurial skills.
“They are taught, for instance, how to bake and after that they are given a grant to start up their own businesses.
“This can happen in PNG through the PNG-India agreement,” Maru said.
According to the report, the incubation centre in India plays a fundamental role in enhancing the competitiveness of micro, small and medium enterprises by providing integrated support services encompassing specific skills training courses, marketing, finance, technology and other services.
“This is a critical sector for PNG to take forward,” Maru said.
A joint working group of PNG and Indian officials will be set up to maintain engagement on the proposed MOU.