A successful venture is the result of hard work, the right decisions, and the right time. Success stories like eBay, Facebook, Amazon are what they are today because their founders believed in their idea and went for it. The Indian government has realized that startups are the future of the country. To increase the GDP of the country, our government has realized that we have not only had to implement ‘Make in India,’ but wholeheartedly believe in it. In this article, we are going to learn about ten government schemes for entrepreneurs and startups in India.
Ten government schemes for entrepreneurs and startups in India:
1. Mukhyamantri Yuva Nestham
The Mukhyamantri Yuva Nestham scheme is an Andhra Pradesh government initiative for the welfare of the unemployed youth of the state. It is expected to benefit 15 lakh young unemployed citizens of the state.
The scheme aims to provide a monthly allowance to unemployed youth so that they can invest the money for their survival and skill development. Financial incapability stands as an obstacle for many talented students. Thus this initiative will help the educated youth financially so that they can reduce the financial burden on the family. To apply for this, the candidate has to register online.
India is an agriculture-based country. As global warming has affected the globe, India had adverse effects of this change. It is well known that the agro-based industries need more support and innovation as it has been stagnant for almost a decade.
The Government of India has not forgotten about its rural population; they have schemes such as ASPIRE, which benefits the rural entrepreneurs. ASPIRE was an Indian government initiative that aims to increase innovation and employment in the agro-based sectors.
3. Startup India
Prime Minister Narendra Modi announced the Startup India initiative. The motive behind this scheme is to promote entrepreneurship and innovation, which will further increase employment. This is one of the best policies of the Indian government. The members of this scheme get tax relaxation, tax benefits, help from incubation centers, and even funding. Sectors involved in innovation and technology are the most benefited by this scheme. To avail the benefits of this initiative, you can visit their official website.
4. Atal Innovation Mission
Atal Innovation Mission was announced in 2015, in honor of former Prime Minister Atal Bihari Vajpayee. It is focused on gathering academicians to create a promotional platform for innovation and research. This will include drawing international and domestic experiences to promote growth in the industry. The budget for this scheme was around INR 150 crores in 2015.
5. Dairy Processing and Infrastructure Fund
The dairy industry of India is a significant contributor to the rural economy. National Bank for Agriculture and Rural Development (NABARD) and the Indian government together has allocated a fund of INR 8000 crores for three years for the benefit of farmers and dairy industry.
Unions, companies associated with the milk industry which fulfill the criteria can borrow a loan from NABARD. The owner has to contribute 20%, and the loan will cover 80% of the cost. The scheme provides loans at 6.5% interest per annum. The period of repayment is ten years.
6. Multiple Grants Scheme
Multiple Grants Scheme is an initiative of the Department of Electronics and Technology. The scheme aims to collaborate between the industry and Research and Development institutions. Under this scheme, if the industry supports R&D to produce a useful product, then the government will help the industry. The government grants reach up to INR 2 crores.
7. Ebiz Portal
Ebiz Portal is a government portal developed by Infosys in a public-private partnership. The portal aims to establish communication between investors and business communities. The service has been launched in 5 states of India. It provides smooth interaction between potential investors and businesses.
8. MUDRA Bank
Micro Units Development Refinance Agency is also known as MUDRA Bank, has been established to enhance growth in small businesses of rural India. It provides loans to several small enterprises up to INR 10 Lakhs that are nonfarm and noncorporate. The best part being, it does not keep collateral security.
9. Ministry of Skill Development and Entrepreneurship
To promote innovation, skill development, and entrepreneurship, the Prime minister dedicated a ministry for these. In 2014 the Prime minister built the Ministry of Skill Development and Entrepreneurship due to the need for focus and support for entrepreneurship. The initiative aims to reach 500 million people by 2022.
10. Support for International Patent Protection in E&IT
SIP-EIT provides support to technology startups in the international patent filing. Under this scheme, financial aid will be provided for foreign filing of patents. There will be reimbursement of up to 15 lakhs or 50% of the total cost, the lesser one. This scheme can be applied at any point in development.
11. Atal Pension Yojana
Atal Pension Yojana is a scheme in India that is backed by the government. The primary target of the program is the unorganized sector, which the finance minister Arun Jaitley first mentioned in budget speech 2015. Our Prime Minister Narendra Modi later launched it in Kolkata on May 9th. Any person who is between the ages group 18 to 40 is eligible to join the Atal Pension Yojana. Such subscribers start getting their pension once attain at the age of 60. Individuals could opt for a monthly premium from 1000 INR to 5000 INR. One could pay the stipulated contributions on a monthly, quarterly, or half-yearly basis. They can also increase or decrease their pension amount once a year (in April) during the accumulation phase.