Explanation:

Union Minister for MSME launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME IDEA HACKATHON 2022.

• The MSME Innovation Scheme will act as a hub for innovation activities facilitating and guiding development of ideas into viable business proposition which benefits society directly.
• MSME Innovative is a holistic approach to unify, synergize and converge 3 sub-components and interventions with a single purpose.

Key details of the sub-schemes are as under:

• Incubation: The primary objective of the scheme is to promote and support untapped creativity and to promote adoption of latest technologies in MSMEs that seek the validation of their ideas at the proof-of-concept level. Financial assistance up to Rs. 15 lakh per idea and up to Rs. 1.00 crore for relevant plant and machines will be provided.
• Design: The objective of this component is to bring Indian manufacturing sector and Design expertise/ Design fraternity on to a common platform. Financial assistance up to Rs. 40 lakh for design project and up to Rs. 2.5 lakh for student project will be provided.
• IPR (Intellectual Property Rights): The objective of the scheme is to improve the IP culture in India with a view to enhance the awareness of Intellectual Property Rights (IPRs) amongst the MSMEs and to encourage creative intellectual endeavor in Indian economy.

Hence both statements are correct.