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Govt to encourage startups, MSMEs in Mining Sector

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In a move aimed at fostering research and innovation in the mining, mineral processing, metallurgy, and recycling sector, the Ministry of Mines has announced its plan to solicit proposals from startups, micro, small, and medium enterprises (MSMEs), as well as individual innovators. Under the scheme, selected startups and MSMEs will receive mentorship, incubation support, and technical advisory assistance throughout the project development phase. Additionally, after the technical completion date, these entities will benefit from an extra two years of incubation support, facilitated by a mentorship team working under the implementing agency.

The government’s initiative aligns with its commitment to promote research and innovation among startups and MSMEs. The program, known as ‘Promotion of Research and Innovation in Startups and MSMEs in Mining, Mineral Processing, Metallurgy, and Recycling Sector (S&T-PRISM),’ seeks proposals for projects with a direct relevance to the mineral sector, mining sustainability, and industrial applications. This support aims to empower these entities to attract investments and secure loans from commercial banks and financial institutions.

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