As we all know the government of India always keeps the interests of its citizens as a priority. Startup India is the most important initiative of the government with the thought of supporting startups and entrepreneurs throughout the country. The main goal is to provide a strong ecosystem that protects innovation and startups in India. This initiative will generate large-scale employment and will lead to the economic growth of the country. In this regard, the government of India also launched the “Aatmanirbhar Bharat” mission and the “Make In India” Program, with a major aim of making India into a global manufacturing and design export hub.
At present, India is considered as third largest startup ecosystem across the globe. India has over 100 unicorns and more than 60,000 startups operating within the country. The credit for this success goes to the continuous support from the government towards these startups and entrepreneurs by launching various schemes and programs. In this article, we will cover some schemes that are launched for the benefit of entrepreneurs.
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Top 8 Schemes
ASPIRE:- A Scheme For the Promotion Of Innovation, Rural Industries, and Entrepreneurship
This scheme was launched to create a network of technology centers and incubation centers across Government Schemes For Startups in India with a clear motive of accelerating entrepreneurship and encouraging innovations for social needs in the agro-based business industries. The scheme ensures to provide financial assistance for setting up livelihood business incubators and or technology incubators. The candidates receive a one-time 100% cost of plant and machinery apart from the land and infrastructure or a sum up to INR 100 lakhs.
Startup India Seed Fund Scheme
The scheme was launched by the government of India in January 2021, with the motive of supporting early-stage enterprises. The budget of the scheme was estimated to be rupees 945 crores, which would benefit around 3600 businesses and 300 incubators. The eligible entrepreneurs will receive an amount of rupees 5 crore as funding for their new startups. The startups will receive grants of up to rupees 20 lakhs for developing concepts or demonstrations and up to 50 lakhs for growing their goods or services.
Startup India Initiative
As of June 2021, over 50,000 firms have been confirmed via this startup scheme in the country. The scheme has provided tax benefits to entrepreneurs for more than 5 years, and it created almost 5l job opportunities till now. The scheme has the age criteria for startups. The maximum age for most eligible startups is now 7 years and for biotechnology companies, it is estimated to be 10 years from the date of establishment. The benefits of this scheme made it the most incredible government-sponsored startup India scheme for business owners.
Aatmanirbhar Bharat App Innovation Challenge
This scheme was introduced in July 2020, this scheme inspired Government Schemes For Indian startups to collaborate and create solutions made in India. For the benefit of the citizens of the country. It also inspired tech companies to produce cutting-edge mobile applications for a big cash prize. Apps like Chingari (TikTok equivalent), Your Quote ( A writing app), and Koo ( Twitter equivalent) were crowned first 20 lakh, second 15 lakh, and 3rd 10 lakh respectively.
eBiz is the first online platform for government-to-business collaboration (G2B). This forum was created by Infosys. The portal helped modernize the nation and serves as a focal point for communication for all business investors and entrepreneurs in India. This platform has introduced 29 services in five separate Indian states: New Delhi, Tamil Nadu, Andhra Pradesh, Haryana, and Maharashtra. The government intends to elaborate on the service under this portal shortly.
Software Technology Park
The Software Technology Park system is 100% export-oriented. This system was mainly designed to increase and export computer software and technical services through physical media or communications infrastructure.
Diary Processing And Infrastructure Development Fund (DIDF)
This initiative helps the diary cooperatives to maintain their competitive edge for the long-term benefit of the farmers. The government announced the creation of the Diary Processing And Infrastructure Development Fund with an expected budget of rupees 11,184 crores. Under this initiative, the eligible candidates are Milk Producing Businesses, multi-stake milk cooperatives, state dairy federations, NDDB Subsidiaries, etc.
The Mudra( Micro Units Development Refinance Agency) provides loan facilities and promotes small business growth in rural areas. The main motive behind this scheme is to help small businesses throughout the country which desire to grow. The MUDRA banks offered loans to small businesses that aren’t farms, microenterprises, or corporations in the amount of rupees 10 lakhs. The loan categories are called Tarun, Shishu, and Kishor.