The Launch Of Government Schemes for Startups In India
The Indian economy is one of the fastest-growing economies in the world. With its dynamic nature, it asks for constant attention and updates from the government to grow in the direction of self-reliance. The government is attentively observing the intricacies of the economy and accordingly schedules the catalysts for the sectors that need the support. The schemes and funding are what we are talking about. These are the much-needed catalysts of the economy.
Need For Implementing Government Schemes For Entrepreneurship Development In India
The Indian economy is striving to become self-reliant and for that the government of India released the Atma Nirbhar Bharat Abhiyan under the leadership of PM Narendra Modi. It aims at pushing the citizens towards self-reliance and independence. This Abhiyan stands on five pillars – Economy, Infrastructure, System, Demography, and Demand. The objective of this Mission is to initiate and promote local production for all the needs and demands. One of the crucial steps to support this mission is to help startups, MSMEs, and STEM innovators with supportive measures.
Small business owners face numerous challenges in the initial stages of uncertainty. Now, here comes the role of the government with its schemes and funding which provides the much-needed support and financial assistance to budding entrepreneurs. It results as an essential impetus with all its benefits. It aims at building an independent economy with all the in-house innovators and entrepreneurs. It provides small businesses and startups with financial assistance, networking opportunities, mentoring, guidance, and certain tax benefits. Let us dive into the details of Government schemes and Government Funding.
Which Government Schemes And Funding Are Most Helpful For Startups And MSMEs?
The government of India has been launching numerous schemes and funding facilities for startups, small and medium businesses, and even the innovators out there. Here are some of the successful schemes and funding programs that have served startups and small businesses so far.
● Startup India Scheme
● Pradhan Mantri Mudra Yojana (PMMY)
● Startup India Seed Fund (SISF)
● Zero Defect Zero Effect (ZED) scheme
● Venture Capital Assistance (VCA)
● Credit Linked Capital Subsidy (CLCS)
● Design Clinic Scheme
● ATAL Innovation Mission (AIM)
● Credit Guarantee Fund Trust for Micro and Small Enterprises CGT-MSE
● Extra Mural Research / Core Research Grant
● Multiple Grants Scheme (MGS)
● Support for International Patent Protection in Electronics and Information Technology (SIP-EIT)
● ASPIRE – A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship
The eligibility criteria for all government schemes and government funding programs vary, but some of the basic eligibility criteria are
● Being an incorporated or registered company.
● Being a young company (not more than 10 years old from the date of incorporation.
● Having annual turnover below a certain amount.
● Should aim at innovation, development, and improvement of their products/services.
● Should have the potential to scale and grow commercially so that it can generate employment.
The eligibility criteria are subject to change as per the scheme chosen. Mentioned here are a few points to give an approximate and distant idea of what an applicant must look like in order to be eligible for government schemes or government funding programs.
Outline Of Benefits
These Government schemes and funding programs are loaded with numerous benefits. Here we are enlisting just a few of them in terms of the value they add and the assistance they provide for growth and development.
● Ease of Access to funds
● Tax benefits
● Connecting with Mentors
● Networking opportunities
● Idea validation
● Stepping into the market
● Interest subvention
● Financial assistance
● Provision of tools and technology
How To Get Government Funding For Startup In India?
The application process and documentation required for all these government schemes and funding programs differ from each other. The first step that a startup entrepreneur needs to take is to make sure the venture is recognized under the Startup India initiative. The procedure for all this varies, but the catch is you don’t have to worry about facing all the hassles all by yourself.
Egniol Services is your one-stop solution for all your business needs. We help startups and small businesses from the process of incorporation to applying for all these government schemes or government funding. Egniol also provides marketing services for all types of businesses. If you are beginning your startup venture and want to apply for all these schemes, contact Egniol Services today. You will be provided with all the necessary documentation and application requirement assistance by our experienced team.