GAINS 2024 (Syllabus: GS Paper 3 – Economy)

Context: Raksha Rajya Mantri Shri Sanjay Seth recently launched the "GRSE Accelerated Innovation Nurturing Scheme (GAINS 2024)" in Kolkata.

GRSE Accelerated Innovation Nurturing Scheme

• About: 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.
• Objective: It encourages and enables MSMEs and Start-Ups to develop innovative solutions for further technological advancement.

o It will give a new dimension to the future of Indian defence and with technological advancements and dedication it will enhance the strength of our armed forces and enhance maritime security.

• Unique National Scheme: 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.
• Leveraging MSMEs and Start-Ups Ecosystem: The aim is to leverage the vast eco-system of MSMEs and Start-Ups to address present and emerging challenges in the ship design and construction industry, while achieving the objectives of Atmanirbharta.
• Alignment with Government Policies: This initiative is in keeping with the ‘Make in India’ and ‘Start-up India’ policies of the Government of India.

Micro, Small & Medium Enterprises (MSMEs)

• About: MSMEs fall under the regulatory purview of the Micro, Small & Medium Enterprises Development (MSMED) Act of 2006.
• Classification

o Micro: Investment in Plant and Machinery or Equipment: Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore.

o Small: Investment in Plant and Machinery or Equipment: Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 crore.

o Medium: Investment in Plant and Machinery or Equipment: Not more than Rs.50 crore and Annual Turnover ; not more than Rs. 250 crore.