With the latest improvement in India’s ease of business ranking, there has been a higher push by the Government to also create and nurture a startup ecosystem in the economy.
Different fields of startups like 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
India has infact launched many initiatives to boost the entrepreneurship network of India.
1) Start-up India
Launched on 16th January 2016 by Prime Minister Narendra Modi, it falls under the Department of Industrial Policy and Promotion. The idea has been to give support to entrepreneurs by the ease of compliance and relaxed norms along with a credit guarantee fund launch for startups.
The venture aims to utilize tax exemptions, incubation centers, and academic-industry collaborations to boost morale and provide guidance to new business minds.
India always aims to improve the rural region by launching plans to support the poor. ASPIRE is one such plan which falls under the MSME, which targets the enthusiasm for innovation and development, mainly in the Agro-industry.
The funds allocated 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 Units Development Refinance Agency (MUDRA) Bank is a credit facility launched to support rural start-ups. Many small-scale foods and beverage start-ups have succeeded due to support from the MUDRA scheme.
The bank falls under the head of the Pradhan Mantri Mudra Yojana, where it provides loans of Rs 10 lakh to small ventures without any collateral security.
4) Ministry of Skill Development and Entrepreneurship
This Ministry and its wise allocation of resources show India’s dedication to promote entrepreneurship. A Ministry made to take care of and cater to the startup world, continuously plans skill development sessions, tutorials, events, and seminars while also looking after gap funding.
This helps many individuals to find their interests and launch appropriate ventures via creative ideas
5) Atal Innovation Mission
Setup by Niti Aayog, the idealogy of this Mission is to create cooperation between state, central, and local innovation schemes and execute entrepreneurship spirit right from schools to corporates.
Atal Tinkering Labs, Atal Incubators, and Atal New India Challenges are some of the initiatives under this mission, to boost startups in India and also mentor them.
6) Ebiz Portal
Launched in 2013, e-Biz is a one-of-a-kind portal that allows Government-to-Business interactions (G2B).
It is an integrated mission mode project which targets to collate and connect more than 200 different services on one online platform. With 24*7 online functioning, it acts as one single forum for all transactions, clearances, and activities from both parties.
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, the objectives of this initiative are to provide technological improvements, efficiency, and consolidation to milk processing units and diary units.
The Support for International Patent Protection in Electronics & Information Technology focuses on helping technology start-ups which are the recent trending category of business.
It focuses on international filing, has a reimbursement scheme for charges on filing by a startup, and also provides guidance about the protocol. It is very important for new players to have the right mentor and counselor, especially in legal matters.
9) Multiplier Grants Scheme
Launched under the Department of Electronics and Information technology, MGS focuses on increasing Research and Development to develop key products and packaging structures.
The scheme connects business houses and academicians, while also giving support to any developed product which can go commercial. Depending on the association tenure, grants of Rs 2-3 crores are given.
10) Credit Guarantee Scheme for Startups
Commonly known as CGSS, this scheme 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 has been known to target manufacturing units, while also managing a corpus of Rs 100 lakhs