{"id":986,"date":"2024-05-07T00:00:00","date_gmt":"2024-05-07T00:00:00","guid":{"rendered":"https:\/\/rize.blog.razorpay.in\/prism-scheme\/"},"modified":"1970-01-01T00:00:00","modified_gmt":"1970-01-01T00:00:00","slug":"prism-scheme","status":"publish","type":"post","link":"https:\/\/razorpay.com\/rize\/blogs\/prism-scheme\/","title":{"rendered":"Promoting Innovations in Individuals, Startups and MSMEs (PRISM)"},"content":{"rendered":"<h2 id=\"\">Eligibility<\/h2>\n<ul id=\"\">\n<li id=\"\"><strong id=\"\">For PRISM Phase-1:<br \/><\/strong>Any Indian citizen, including student innovators, can avail support to develop their novel ideas into demonstrable models\/prototypes.<\/li>\n<li id=\"\"><strong id=\"\">For PRISM Phase-2:<br \/><\/strong>PRISM innovators who have demonstrated success or innovators who have proven their concepts with assistance from other government institutions or agencies.<\/li>\n<\/ul>\n<h2 id=\"\">Eligible Sectors for the Scheme<\/h2>\n<p id=\"\">The proposals are encouraged to focus on sectors such as<\/p>\n<ul id=\"\">\n<li id=\"\">Green Technology<\/li>\n<li id=\"\">Clean Energy<\/li>\n<li id=\"\">Industrial Smart Materials<\/li>\n<li id=\"\">Waste to Wealth<\/li>\n<li id=\"\">Affordable Healthcare<\/li>\n<li id=\"\">Water &amp; Sewage Management<\/li>\n<li id=\"\">Other technology or knowledge-intensive areas.<\/li>\n<\/ul>\n<h2 id=\"\">Application procedure for Startups<\/h2>\n<ul id=\"\">\n<li id=\"\">Submit your project proposal following the <a id=\"\" href=\"https:\/\/www.dsir.gov.in\/sites\/default\/files\/2019-09\/guide_ph1_cat1.pdf\" target=\"_blank\" rel=\"noopener\">prescribed format<\/a> to the nearest <strong id=\"\">TePP Outreach cum Cluster Innovation Centres (TOCICs)<\/strong>. Here\u2019s a list of <a id=\"\" href=\"https:\/\/www.dsir.gov.in\/sites\/default\/files\/2019-09\/prism_tocic_201806e.pdf\" target=\"_blank\" rel=\"noopener\">TOCICs in India<\/a>.<\/li>\n<li id=\"\">Once received, TOCIC coordinators will review proposals for completeness and forward them further.<\/li>\n<li id=\"\">Domain Knowledge Experts associated with TOCIC will then assess the proposals.<\/li>\n<li id=\"\">Evaluated proposals are forwarded to DSIR for further action and reviewed by the PRISM Advisory and Screening Committee (PASC) for recommendation.<\/li>\n<li id=\"\">Upon Department approval, &#8220;<strong id=\"\">Terms &amp; Conditions<\/strong>&#8221; must be signed before grants-in-aid release.<\/li>\n<li id=\"\">Initial fund release is based on project milestones and PASC recommendations. Subsequent releases depend on project progress evaluated by the Project Review Committee (PRC).<\/li>\n<li id=\"\">TOCIC and network partners, along with technical experts, will monitor approved projects.<\/li>\n<li id=\"\">TOCIC will provide project status reports to DSIR every 3 months, while PRCs will review project progress at least once every 9 months.<\/li>\n<li id=\"\">Upon successful project completion, the DSIR will accept the project completion report based on PRC recommendation.<\/li>\n<\/ul>\n<h2 id=\"\">Benefits of the PRISM Scheme<\/h2>\n<p id=\"\">The PRISM Scheme includes various phases designed to support innovators in different stages of their project development. Each phase may involve different levels of support, resources, and guidance tailored to the specific needs of innovators.<\/p>\n<ul id=\"\">\n<li id=\"\"><strong id=\"\">For Phase-1:<br \/><\/strong>Category 1: Maximum support within this category is capped at<strong id=\"\"> INR 2,00,000 or 90% of the approved project cost<\/strong>, whichever is less.<br \/>Category 2: Maximum support is limited to <strong id=\"\">20.00 lakh or 90% of the total project cost, <\/strong>whichever is lower.<\/li>\n<li id=\"\"><strong id=\"\">For Phase-2:<br \/><\/strong>For projects with costs ranging from <strong id=\"\">INR 5 Lakhs to INR 35 Lakhs<\/strong>, maximum support of either<strong id=\"\"> INR 20 Lakhs <\/strong>or <strong id=\"\">90% of the total project cost<\/strong> (whichever is lower) is provided.<\/li>\n<\/ul>\n<p id=\"\">Please note: If the project beneficiaries abandon the project, innovators must reimburse the funding disbursed, along with a 12% interest rate, to the DSIR.<\/p>\n<h2 id=\"\">Frequently Asked Questions<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Dive into the PRISM scheme, a transformative initiative in India across various sectors. Discover how PRISM is shaping the future of Indian industries.<\/p>\n","protected":false},"author":1,"featured_media":987,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/posts\/986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/comments?post=986"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/posts\/986\/revisions"}],"predecessor-version":[{"id":1303,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/posts\/986\/revisions\/1303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/media\/987"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/media?parent=986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/categories?post=986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/rize\/blogs\/wp-json\/wp\/v2\/tags?post=986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}