Government-backed investment schemes are helping Indian entrepreneurs to establish themselves
India is at the helm of breaking through the most complex industrial barriers, it is time we acknowledge the country’s contribution to the global entrepreneurial ecosystem. Starting from being denoted as an emerging market, the country has established itself as one of the fastest-growing markets for emerging tech companies. Backed by several noteworthy government investment schemes for startups and industries ranging from fintech to agri-tech to health tech, Indian companies are attracting global investors and venture capitalists. Like most economies and cultures, entrepreneurship has been an integral part of the country. Its current entrepreneurial infrastructure is the result of the massive volume of businesses leveraging advanced innovations and government investment schemes. Here we have listed the best government investment schemes that continue to help flourish the Indian entrepreneurial landscape.
The Indian government recently launched the SAMRIDH scheme which stands for Startup Accelerators of MeitY for product innovation, development, and growth to support startups in the initial stages. The SAMRIDH initiative is designed to provide funding support to startups along with helping them to bring skill sets together which will help them bring skill sets together and aid them in being successful.
Startup India Initiative
The Prime of India launched the Startup Indian initiative with the idea to increase wealth and employability by giving wings to entrepreneurial spirits. The government gives tax benefits to startups under this scheme and around 50,000 startups have been recognized via this scheme in a period of a little more than five years. The Department of Industrial Policy and Promotion is maintaining this initiative and is treating this as a long-term initiative.
Startup Leadership Program
The Startup Leadership Program is to build an outstanding founder and innovator infrastructure. This startup initiative began in Boston in 2006 and has spread its wings in over 14 countries and 28 cities. The program has helped over 2000 startups and influenced more than 3600 entrepreneurs all over the globe.
Atal Pension Yojana (APY)
Atal Pension Yojana is a social security scheme launched by the Government of India for workers in the unorganized sector. Any Indian citizen in the age group of 18-40 years with a valid bank account is eligible to apply for the scheme. It is launched to encourage individuals from the marginalized sector of society to opt for a pension, which can benefit them in their old age. The scheme can also be taken by anyone who is self-employed.
ASPIRE is one such initiative that had made constant efforts to improve the various aspects of life in rural areas of India. It is also one of the most successful and popular schemes that the Indian government has sanctioned. The Promotion of Innovation, Rural Industries, and Entrepreneurship (ASPIRE) initiative is a Government of India initiative, promoted by the Ministry of Micro, Small, and Medium Enterprises (MSME).
Pradhan Mantri Mudra Yojana
PM Modi launched Pradhan Mantri Mudra Yojana in which Micro Units Development and Finance Agency Bank provides loans at low rates to microfinance institutions and non-banking financial institutions that in turn provide low-interest loans to startups and MSMEs. Pradhan Mantri Mudra Yojana is a fund, devised and conceptualized to empower Indian entrepreneurs and provides loans up to Rs 10 lakhs under the MUDRA scheme.
Credit Guarantee Trust Fund for Micro & Small Enterprises
CGTSME is one of the biggest Startup Loan Schemes launched by the Ministry of MSME in India. Under this Government scheme, a collateral-free loan of up to Rs 1 crore is provided to eligible startups and MSMEs. The loan is dispersed via a trust named Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), which is powered by the Ministry of MSME and Small Industries Development Bank of India (SIDBI).
Chunauti was launched during the pandemic under the program to invite startups to develop solutions for problems amid the pandemic. The full form of Chunauti is Challenge Hunt Under NGIS for Advanced Uninhibited Technology Intervention. The challenge involves getting proposals/applications from Indian startups working in software product development domains, and startups registered with DPIIT under the startup India program are mostly encouraged to participate in this program.
Multiplier Grants Scheme (MGS)
MGS was launched under the Department of Electronics and Information Technology (DeitY) to advance integrated research and development (R&D) between industry and educational institutions for developing products and packages. Under this scheme, the government provides financial assistance, twice the amount contributed by the industry, providing industry support in the R&D of products that get marketed at the institutional level.
Software Technology Park
STP scheme has been established as a 100% export-oriented program for promoting and exporting computer software and professional services through communication networks or physical media. The scheme focuses solely on computer software.