The government of India aims at making the country a robust startup ecosystem. It has made a separate department to support entrepreneurs and start-ups. In addition, it has introduced many schemes to support new start-ups and businesses. Let us take a look at some of these schemes.
Start-up India Seed fund is worth INR 1,000 crores to help start-ups and support new businesses and ideas. It is a good amount, and one might look for this scheme if they start with their small business.
- Aspire– This scheme supports and promotes innovation and rural entrepreneurship to ensure rural livelihood incubator, technology business incubator and fund of funds. As 56 percent of the Indian population resides in rural areas, the government has taken this initiative to promote start-ups in these areas to increase employment, reduce poverty, and encourage innovation in rural India. The total budget of this scheme is around INR 62.5 crores. The Ministry of Medium and Small Enterprises has tried to boost development and economy from the grassroots level.
- MUDRA Bank– Micro Units Development Refinance Agency banks. It is created to enhance the credit facility and boost the economic growth of small businesses in rural areas. The government allocated a budget of INR 10 crores to promote the startup culture in the country. The bank provides loans of up to INR 10 lakhs for small enterprises, a business which are not corporate and non-farm/ micro-enterprises. MUDRA falls under Pradhan Mantri Mudra Yojana (PMMY). The loans are categorised. They are Tarun, Kishore, and Shishu. It is essential to mention that these assets are created through the bank’s finance, and there is no collateral security.
- Ministry of Skill Development and Entrepreneurship: The task of supporting enterprises and start-ups were initially given to different departments and government agencies. However, the Prime Minister of India decided to dedicate an entire ministry to build this sector back in 2014. As a result, it promises to reach 500 million people by 2022 through gap-funding and skill development initiatives.
- ATAL Innovation Mission: It was created to establish a platform that would consist of academicians and researchers and draw upon national and international experiences to give birth to a culture that supports innovation, research work, and development. The government had allocated an INR of 150 crores in the year 2015 in this scheme. The Atal Innovation Mission (AIM) was inspired by the name Atal Bihari Vajpayee.
- eBiz Portal: This is the first governmental to business portal (G2B) portal. This aims to establish a conducive business environment in the country. Infosys developed it by the model of the public-private partnership model. It provides a communication platform for investors and business communities in the country. The portal has launched 29 services in five states of the country. The states are Delhi, Andhra Pradesh, Tamil Nadu, Haryana, Maharashtra. The government aims to add more services to the scheme with time.
- Support for International Patent Protection in Electronics and Information Technology (SIP-EIT)– The Electronics and Information Technology department has launched this particular scheme. This provides financial support to the MSMEs and the technology start-ups for international patent filing. This is an essential scheme as technology has multiple scopes in the international market today. The reimbursement limit is set to INR 15 lakhs per invention or 50% of the total charges incurred in the filing and processing a patent application.
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