10 Best Govt Schemes To Support Startups In India That Every Entrepreneur Should Know

A startup is a fledgling firm started by one or more entrepreneurs with the goal of developing and marketing a unique product or service. The average startup is, by definition, a shoestring company, with early money provided by the founders or their friends and family. Startups raised $7.8 billion in the first four months of this calendar year, accounting for about 70% of the total corpus of $12.1 billion raised in 2020 and more than half of the $14.2 billion raised in 2019, according to PitchBook, a US-based research organization. A startup is defined as a company based in India that was founded less than ten years ago and has an annual revenue of less than Rs 100 crore (US$14 million).

Start Up India

The government has already launched the I-MADE programme to assist Indian entrepreneurs in creating 10 lakh (1 million) mobile app start-ups, as well as the MUDRA Bank's scheme (Pradhan Mantri Mudra Yojana) to provide micro-finance, low-interest rate loans to entrepreneurs from low socioeconomic backgrounds. [number four] This program has been allotted an initial capital of 20,000 crore (equal to 230 billion or US$3.2 billion in 2019).

ATAL Innovation Mission

The Atal Innovation Mission (AIM) is the Indian government's flagship project to foster a culture of innovation and entrepreneurship throughout the country. Encouragement of entrepreneurship at universities and businesses. AIM is establishing world-class Atal Incubators (AICs) at the university, NGO, SME, and corporate industry levels to trigger and enable the successful growth of sustainable startups in every sector/state of the country, thereby promoting entrepreneurs and job creators in the country, addressing both commercial and social entrepreneurship opportunities in India and applicable globally.

AIC

The Atal Incubation Centres, which are led by the Atal Innovation Mission, give each AIC with a grant-in-aid of Rs. 10 crore. The funding will last for a maximum of 5 years. AICs, which are part of the NITI aayog, will provide financial and infrastructure support to startups in industries such as chemicals, technology hardware, healthcare & life sciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, construction, design, non-renewable energy, and renewable energy.

eBiz Portal

This is the first government-to-business (G2B) internet platform. The portal's major goal is to reform and establish a business-friendly atmosphere in the country. Infosys created the eBiz Portal as part of a public-private partnership. It serves as a communication hub for Indian investors and business communities. Andhra Pradesh, Delhi, Haryana, Maharashtra, and Tamil Nadu are among the five Indian states where the platform has launched 29 services. With time, the government will expand the scheme's services.

Array

SIP-EIT is a program that provides financial assistance to MSMEs and Technology Startups in order to foster innovation and recognize the value and capabilities of global IP while also exploiting growth potential in the ICTE sector. The Ministry of Electronics and Information Technology is implementing Support for International Patent Protection in Electronics and Information Technology (SIP-EIT). It is mandatory for businesses wishing to operate abroad to apply for intellectual property rights. Because innovations are constantly at risk of being copied or misappropriated, the government has put in place a number of efforts to safeguard them intellectually.

Multiplier Grants Scheme (MGS)

MGS was established by the Department of Electronics and Information Technology (DeitY) to "promote collaborative R&D between industry and academics/ R&D institutes for product and package development."

This startup scheme is valid through March 31, 2020, and it has a fund of Rs 36 crore for startups, incubators, universities, and accelerators in the electronics and information technology industry. Artificial Intelligence, Technology, Hardware, Internet of Things, IT Services, Enterprise Software, and Analytics are all applicable industries.

Credit Guarantee Fund Trust for Micro and Small Entreprises (CGTMSE)

The availability of bank finance without the hassles of collateral or third-party guarantees would be a huge help to first-generation entrepreneurs in realising their dream of starting their own Micro and Small Business (MSE). In order to strengthen the credit delivery system and facilitate loan flow to the MSE sector, the Ministry of Micro, Small & Medium Enterprises (MSME) of the Government of India developed the Credit Guarantee Scheme (CGS). The Credit Guarantee Fund Trust for Micro and Small Enterprises was established by the Government of India and SIDBI to put the programme into action (CGTMSE).

Software Technology Park (STP)

The Software Technology Park (STP) Scheme is a 100% export-oriented scheme for the development and export of computer software, as well as professional services via communication links or physical media.
This program is one-of-a-kind in that it concentrates on a single product or industry, namely computer software. The project combines the government's concept of 100 percent Export Oriented Units (EOU) and Export Processing Zones (EPZ) with the notion of Science Parks/Technology Parks, which are already in use around the world.

Loan For Rooftop Solar Pv Power Projects

Over the next five years, the Indian government has set a lofty goal of 40,000 MWp of Grid-Interactive Rooftop Solar PV Plants. Rooftop solar PV plants with capacities ranging from 1 kWp to 500 kWp will be installed in the residential, commercial, industrial, and institutional sectors around the country. Rooftop solar plants have become commercially viable because they produce clean electricity for around Rs. 7.0 per kWh without any subsidies. The government is subsidizing these plants by 15% for the recipients, making them even more appealing and viable.

NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC)

The National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology (DST), Government of India, has inaugurated the New Generation Innovation and Entrepreneurship Development Centre (NewGen IEDC).
Through advice, mentorship, and assistance, NewGen IEDC hopes to instil the spirit of innovation and entrepreneurship in young S&T students, as well as inspire and assist start-up creation. Academic institutions will be involved in the program's implementation. Students will be encouraged to pursue new initiatives that have the potential to be commercialised.