The Prime Minister of India launched the Startup India Project in 2016. It has modified the concept of a startup in terms of size and horizon. Startup India is a flagship project of the Government of India aimed at catalysing the community of startups and creating a strong and inclusive ecosystem for innovation and entrepreneurship in India. The government granted start-ups tax incentives under this scheme and 798 applicants made use of the tax break. The Department of Industrial Policy and Promotion is continuing this effort and is considering it as a long-term endeavour. In addition, the maximum age cap for start-ups has increased from two years to seven years. In the case of biotechnology corporations, the age limit is ten years from the date of incorporation. It is one of the strongest start-up schemes for entrepreneurs in India, as it offers a variety of policies for entrepreneurship initiatives.
2. The Venture Capital Assistance Scheme
(Ministry of Agriculture and Farmers Welfare)
Venture Capital Assistance is financial funding in the form of an interest-free loans given by SFAC to eligible projects in order to fulfil the capital needs for the execution of the project.
Benefits:
● Helping agribusiness owners to make investments in the establishment of agribusiness ventures through financial engagement
● Provides budgetary assistance for the preparation of comprehensive bankable project reports (DPRs) through the Project Production Facility (PDF).
3. Single Point Registration Scheme
(Ministry of Micro Small & Medium Enterprises)
The Government is the single greatest consumer of a range of commodities. In order to maximise the share of sales from the small-scale market, the Government Stores Procurement Program was introduced in 1955-56. NSIC registers Micro & Small Enterprises (MSEs) under the Single Point Registration System (SPRS) for inclusion in government procurement.
Benefits:
● FREE OF COST TENDER INFO
● EXEMPTION FROM EMD (Earnest Money Deposit)
● ADVANTAGE IN TENDER PARTICIPATION
● PROCUREMENT FROM MSES
4. IREDA NCEF Refinance Scheme
(Indian Renewable Energy Development Agency (IREDA))
Indian Sustainable Energy Production Agency Ltd. (IREDA) has released a revamped refinancing scheme under the sponsorship of the National Clean Energy Fund (NCEF) for the revival of existing biomass power and small hydro power ventures threatened by unexpected circumstances.
5. Pradhan Mantri Mudra Yojana
(Govt. Of India)
Micro Units Production and Refinance Agency Ltd. [MUDRA] is an NBFC that supports the development of the micro-enterprise sector. MUDRA offers refinancing assistance to banks/MFIs for loans to micro units with a loan requirement of up to 10 lakh. MUDRA offers micro-business refinancing under the Pradhan Mantri MUDRA Yojana scheme. The other items are intended to promote the growth of the industry.
6. Promoting Innovations in Individuals, Start-ups and MSMEs (PRISM)
(Department Of Science & Industrial Research)
PRISM (Promoting developments in individuals, start-ups and small and medium-sized enterprises) is structured to help individual innovators to accomplish the inclusive growth agenda-one of the main fields of the XIIth Five-Year Strategy (2012-2017). It would also provide assistance to organisations or entities founded as an Independent Entity under a particular law or as a society registered under the Societies Registration Act, 1860 or the Indian Trusts Act, 1882, which would contribute to the creation of state-of-the-art emerging technology solutions aimed at supporting MSME clusters.
7. NewGen Innovation and Entrepreneurship Development Centre
(Department Of Science & Technology (DST))
The NewGen Innovation and Entrepreneurship Development Center (NewGen IEDC) is being promoted in educational institutions to establish an institutional framework to create an entrepreneurial community in S&T academic institutions and to cultivate techno-entrepreneurship for the generation of wealth and jobs by S&T people. NewGen IEDCs are founded in academic institutions (Science Colleges, Engineering Colleges, Universities, Management Institutes) with the appropriate expertise and infrastructure.