With the recent improvement in India’s ease of business ranking, there has been a higher push by the government to create and nurture a startup ecosystem in the economy.
Different fields of startups such as fintech, edtech, pharma, e-commerce, supply chain, and even consumer marketing are gaining momentum due to increased funding and supportive policies. This initiative not only supports great minds but allows competition and equal representation in the business world.
In fact, India has launched many initiatives to boost the entrepreneurship network of India.
Launched on January 16, 2016, by Prime Minister Narendra Modi, it falls under the Department of Industrial Policy and Promotion. The idea was to support entrepreneurs with ease of compliance and relaxed norms along with the credit guarantee fund launch for startups.
The venture aims to take advantage of tax exemptions, incubation centers, and academic-industry collaborations to raise morale and provide guidance to new business minds.
India has always aimed to improve rural areas by launching schemes to help the poor. ASPIRE is one such plan that is under the MSME, which targets the enthusiasm for innovation and development, particularly in the agricultural industry.
Funds for this plan are being used at the district levels to allow renewed employment and value generation in rural areas.
3) MUDRA Bank
The Micro Unit Development Refinancing Agency (MUDRA) is a credit facility launched to support rural start-ups. Several small-scale food and beverage startups have been successful thanks to MUDRA's support.
The bank falls under the head of the Pradhan Mantri Mudra Yojana and offers loans of Rs 10,000 to small projects without any additional collateral.
4) Ministry of Skill Development and Entrepreneurship
This ministry and its wise allocation of resources demonstrate India's dedication to promoting entrepreneurship. A ministry created to nurture and meet the needs of the startup world, continually planning skill-building sessions, educational programs, events, and seminars with an interest also in financing the gap.
This helps many people find their interests and launch projects with creative ideas.
5) Atal Innovation Mission
Setup by Niti Aayog, the idealogy of this is to create cooperation between state and central and local innovation schemes and implement an entrepreneurial spirit from schools to corporates.
Atal Tinkering Labs, Atal Incubators, and Atal New India Challenges are some of the initiatives within the framework of this mission, to promote and guide startups in India.
6) Ebiz Gate
Launched in 2013, e-Biz is a unique portal that allows Government-to-Business interactions (G2B).
It is an integrated mission mode project that aims to aggregate and connect more than 200 different services on a single online platform. Operating 24 hours a day, 7 days a week, it acts as a single forum for all transactions, authorization, and activities from both ends.
The Dairy Processing and Infrastructure Development Fund of DIDF is a fund structure under NABARD by GoI where the primary businesses of Milk producing companies, milk unions, etc. will find support.
Launched in December 2017, this initiative aims to provide technological improvements, efficiency, and standardization of milk processing and dairy units.
Support for international patent protection in the electronics and information technology field is focused on helping tech startups that are the newest category of business.
It focuses on international filing, has a payment plan for the fees charged for filing upfront, and also provides guidance on the protocol. It is very important for new players to have the right mentor and advisor, especially in legal matters.
9) Multiplier Grants Scheme
MGS was launched under the Department of Electronics and Information technology and is focused on increasing research and development to develop important products and packaging structures.
The scheme connects business houses with academics, while also providing support for any product developed that can become commercial. Depending on the duration of the bonus, grants of Rs 2-3 crores are given.
10) Credit Guarantee Scheme for Startups
This scheme is known as CGSS also focuses on providing financial stability to micro and small industries.
It provides loans with zero collateral, with additional help in the form of subsidized interest rates. The scheme is known to target manufacturing units, managing a corpus of Rs 100 lakhs.
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