India is gradually on its mission to create a sturdy startup ecosystem. The government has created ministries (departments) to support new businesses to nurture and support entrepreneurs. Furthermore, the Central Government of India has also introduced many schemes to bolster entrepreneurship in India and to help emerging startups financially.
Here could be a list of presidency schemes launched to develop and encourage entrepreneurship in India.
Ashwini Vaishnav, then newly appointed Minister of Electronic Information Technology (MeitY), launched the SAMRIDH initiative, which stands for MeitY Startup Accelerators for Product Innovation, Development and Growth, on August 25, 2021, a week after announcing: The government supports startups in the early stages
The SAMRIDH initiative is meant to produce funding support to startups together with helping them bring skill sets together which can help them grow successful. The recently launched SAMRIDH program aims to accelerate the launch of nearly 300 startups by expanding its ability to connect customers, investors, and other international expansion opportunities over the next three years.
Startup India Seed Fund
On 16 January 2021, Prime Minister Narendra Modi announced the launch of the ‘Startup India Seed Fund’ — worth INR 1,000 crores — to assist startups and support ideas from aspiring entrepreneurs. PM Modi said that the govt. is taking important measures to make sure that startups in India don’t face any capital shortage.
The reserve fund for the Startup India Seed Fund initiative under the Coalition Budget for 2022 is Rs 283.5 crore, higher than the revised estimate for 2021-22 of around Rs 100 crore.
Startup India Initiative
The Prime Minister of India launched the Startup India Initiative within the year 2016 on 16th January. the concept is to extend wealth and employability by giving wings to entrepreneurial spirits. the govt gives tax benefits to startups under this scheme and around 50,000 startups are recognized via this scheme in a very period of a bit over five years, as of June 3, 2021.
The Department of commercial Policy and Promotion is maintaining this initiative and is treating it as a long-term project. Moreover, the ordinance for startups has been increased from two years to seven years. Plus, for biotechnology firms, the regulation is ten years from the date of incorporation. It is one of the most effective start-up initiatives for government-sponsored entrepreneurs because of its multiple benefits.
The government has made continuous efforts to enhance the social and economic aspects of life in rural areas of India and one of the foremost popular schemes that the Indian government has sanctioned in this regard is ASPIRE. A Scheme for Promotion of Innovation, Rural Industries, and Entrepreneurship (ASPIRE) may be a Government of India initiative and promoted by the Ministry of Micro, Small, and Medium Enterprises (MSME).
The mentioned scheme was launched in 2015 to supply proper knowledge to the entrepreneurs, to begin with, their business and emerge as employers. Since 56% of the Indian population lives in rural areas, the govt has promoted entrepreneurship and innovation within the rural sector with this scheme. The ASPIRE initiative aims to increase employment, reduce poverty and promote innovation in rural India.
However, the most ideal is to market the agribusiness industry. The Ministry of Medium and tiny Enterprises has tried to spice up economic development at the grassroots level. the whole budget of the scheme initially was INR 62.5 crores for the amount of 2014-2016
Pradhan Mantri Mudra Yojana (PMMY)
Micro Units Development Refinance Agency (MUDRA) banks have been created to reinforce credit facilities and boost the expansion of small businesses in rural areas. the govt has introduced this scheme to support small businesses in India. In 2015, the govt allocated INR 10,000 crores to market startup culture within the country. The MUDRA banks provide startup loans of up to INR 10 lakhs to small enterprises, non-corporate businesses, and non-farm small/micro-enterprises. MUDRA is included in PMMY (Pradhan Mantri Mudra Yojana), released on April 8, 2015. The loans are categorized as Tarun, Kishore, and Shishu. The assets are created through the bank’s finance and there’s no collateral security.
India Water Pitch-Pilot-Scale Startup Challenge
On March 12, 2022, the Government of India launched a Startup Challenge announced by the Minister of Trade Union Hardeep Singh Puri, and selected Indian startups will receive a grant of Rs 20 lakhs together with support and mentorship from the Ministry Of Housing and concrete Affairs, whose brainchild is that this startup challenge, which aims to empower as many as 100 startups within the water sector.
While announcing the water startup initiative at an occurrence in the Indian capital, under Atal Mission for Rejuvenation and concrete Transformation (AMRUT) 2.0, Minister Puri declared that this initiative the water sector startups and lead them towards growth “through innovation and style that may drive sustainable economic process and generate employment opportunities.”
Ministry of Skill Development and Entrepreneurship
The venture of selling entrepreneurship changed in advance given to specific departments and authorities agencies. In 2014, the Prime Minister decided to dedicate a whole ministry to make this sector as he felt that skill development required greater push from the government’s side. Furthermore, the thought is to achieve 500 million people by the year 2022 through gap-funding and skill development initiatives.
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ATAL Innovation Mission
In the budget session of 2015, the Indian government announced the Atal Innovation Mission (AIM); the name coming from Atal Bihari Vajpayee, the previous Prime Minister of India. Atal Innovation Mission was established to form a promotional platform involving academics and draw upon national and international experiences to foster a culture of innovation, research, and development. the govt allocated AIM around INR 150 crores within the year 2015.
eBiz was the primary electronic government-to-business(G2B) portal, which was founded in January 2013. the most purpose of the portal was to remodel and develop a conducive business environment within the country. eBiz Portal was developed by Infosys in an exceedingly public-private partnership model. it was designed as a communication center for investors and business communities in India. The portal had launched 29+ services in over 5 states of India, viz., Andhra Pradesh, Delhi, Haryana, Maharashtra, and Madras. the govt. also announced that it’ll add more services to the scheme with time.
Following Are Some More Government Schemes For Startup In India
- Dairy Processing and Infrastructure Development Fund (DIDF)
- International patent protection support in the field of electronic information
- Technology (SIP-EIT)
- Multiplier Grants Scheme (MGS)
- Credit Guarantee Fund Trust for Micro and tiny Enterprises (CGTMSE)
- Software Technology Park (STP) Scheme
- The capital Assistance Scheme (VCA)
- Loan For Rooftop Solar Pv Power Projects
- NewGen Innovation and Entrepreneurship Development Center (NewGen IEDC)
- Single Point Registration Scheme
- Modified Special Incentive Package Scheme (M-SIPS)
- Stand Up India Scheme
- High Risk – High Reward Research
- IREDA-NCEF Refinance Scheme
- Dairy Entrepreneurship Development Scheme
- Drone Shakti
- Zero Defect Zero Effect (ZED) Certification Scheme
- Credit Linked Capital Subsidy for Technology Upgradation (CLCSS)