Government on Tuesday said it has formulated a new scheme to provide financial support to 50 universities and training institutions for setting up 100 incubators for developing entrepreneurs across the country.
These incubators will host at least 1,000 micro and small enterprises over the next four years.
The scheme would be made operational from retrospective effect from last fiscal in terms of financial allocation.
Besides, the scheme involves creation of 1,200 entrepreneurs' clubs, a Small and Medium Enterprises Ministry statement said in New Delhi.
The extent of grant may be in the range of Rs five lakh per enterprise, it said. A budget of Rs 1.13 crore has been earmarked for 2007-08, of which Rs 23 lakh has been set aside for the scheduled castes and scheduled tribes.
The scheme "will help in promoting new enterprises, specially in the fields of biotechnology, pharmaceuticals and similar new and innovative fields," it said.