SPICE Scheme
The Scheme for Promotion and Investment in Circular Economy (SPICE) is a government initiative aimed at empowering small businesses to adopt sustainable practices, promote recycling, and contribute to a greener, more sustainable future. The scheme is designed to support the transition from a linear "take-make-dispose" model to a circular economy, where resources are reused, recycled, and repurposed to minimize waste and environmental impact.
Objectives
- ☉ Promote Sustainable Business Practices: Encourage micro and small enterprises (MSEs) to integrate resource-efficient and environmentally friendly processes into their operations.
- ☉ Facilitate Waste Recycling: Support businesses in adopting technologies and processes for recycling waste and utilizing by-products.
- ☉ Drive Green Investments: Attract investments in circular economy projects, fostering innovation and job creation in sustainable sectors.
- ☉ Contribute to National Green Goals: Align with India’s commitment to environmental protection and sustainable development.
Eligible Activities
The scheme supports a wide range of activities, including but not limited to:
- ☉ Adoption of cleaner production technologies
- ☉ Setting up recycling units or facilities
- ☉ Upgrading equipment for resource efficiency
- ☉ Implementing waste management and by-product utilization systems
- ☉ Developing innovative products from recycled materials
Eligible Beneficiaries
- ☉ Existing Micro and Small Enterprises (MSEs) engaged in manufacturing activities across India.
- ☉ Enterprises looking to implement circular economy practices, such as recycling, waste management, and resource efficiency.
Eligible Components
- ☉ Machinery & Equipment: Purchase and installation of machinery for recycling, waste processing, and resource efficiency.
- ☉ Technology Upgradation: Adoption of advanced and sustainable technologies.
- ☉ Infrastructure Development: Setting up or upgrading facilities to support circular economy operations.
- ☉ Capacity Building: Training and skill development for employees in sustainable practices.
| Scheme Name | Scheme for Promotion and Investment in Circular Economy. |
|---|---|
| Objective of the Scheme | Empowering small businesses to adopt sustainable practices, recycle waste, and contribute to a greener future. |
| Eligible Beneficiaries | Existing Micro and Small Enterprises (MSEs) Manufacturing Industry all over India. |
| Eligible Activity |
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| Eligible Components |
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| Applicable Benefits |
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Applicable Benefits
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☉ Subsidies: Financial assistance in the form of subsidies for eligible investments.
- ☉ Technical Support: Guidance on adopting best practices and technologies for circular economy.
- ☉ Consultancy Services: End-to-end support for assessing eligibility, preparing project reports, and submitting applications.
How to Apply
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☉ Eligibility Assessment: Evaluate your business’s eligibility for the scheme.
- ☉ Documentation: Prepare necessary documents such as business registration, financial statements, project reports, and compliance certificates.
- ☉ Application Submission: Submit your application through the designated government portal or with the help of a consultancy service.
- ☉ Approval & Disbursement: Upon approval, receive financial and technical support to implement your circular economy project.
Avail Subsidy Summary Report On Your Project
Got any questions?
All Micro and Small Enterprises (MSEs) registered with the UDYAM portal of the Ministry of MSME are eligible. The enterprise must also comply with Extended Producer Responsibility (EPR) and waste recycling targets in one of the 11 identified circular economy sectors.
