Do you have a good business idea and waiting for the right opportunities to take off? Here is the blog for you to know all about Startup India schemes which have become quite prominent and created a revolution in the business fields of India.
Introduction:
Starting a business has been a dream for all. Many of us would have dreamt of owning a business, making it successful, and becoming a business legend like Elon Musk, Mukesh Ambani, Ratan Tata, Bill gates, or our own Sundar Pichai. I’m sure many of you would have lost a good sleep because of dreaming as if you are in the position of these guys. Isn’t it? Alright.!
Being an Indian you can rest assured that you are at the right place to make your dream a reality. Yes, being the third-largest startup ecosystem across the globe, India has nearly 100+ unicorns and 60,000+ startups functioning within the territory. This was possible because of the support given by the Indian government to startups and entrepreneurs via its various schemes and programs.
Let us now take a deep dive into the various government startup India schemes for aspiring entrepreneurs to make their dreams come true. This article mainly aims to cover the “Top 10 Startup India Schemes to start a business” launched by the Indian government.
What does it mean by Startup business?
A startup is a type of business that is in the early stages of setting up its business path. Startups are usually created by entrepreneurs who have recognized a market need or an opportunity. It is characterized by its emphasis on innovation and the growth of existing markets.
They are often linked to technology-based industries but can be found in any industry too. Startups require a substantial amount of funds to develop the products or services they offer.
This funding can come from a variety of sources. The main need for these financial incentives is to get their products to the market. Overall, a startup needs significant funding and a readiness to take on risks in order to achieve its goals.
What is Startup India?
India is populated with hard-working people. So, the Indian government is also equally justifying it by working hard to help people who want to start their own businesses. Hence, the government has set up a special ministry called, the “Ministry of Micro, Small & Medium-scale Enterprises (MSME)”.
Imagine you have a dream of making something new and starting your own business. And, the government helps you to make that dream come true. They have a special team just for this purpose and that comes with a lot of Startup schemes to help you get money and support for your new business. Sounds great, right?
Startup India is a scheme launched by the Indian government to encourage and support entrepreneurs who want to start their own businesses. This scheme aims to create a culture of innovation and entrepreneurship in India by providing various benefits to startups, such as tax exemptions, funding, and mentoring support.
Top 10 Startup India Schemes to Start a Business:
The government of India and the Ministry of MSME have combinedly launched some government schemes and programs to empower small-scale startup businesses and MSMEs in India.
When it comes to MSMEs and startups, our nation is very clear that startup companies have to be encouraged for our nation’s betterment.
This is why the MSME has introduced Startup India schemes, which aim to provide adequate resources and a venue for impulsing more growth. Here are the top 10 Startup India schemes to start a business,
- Startup India Initiative
- Stand-up India Initiative
- Atal Innovation Mission (AIM)
- ASPIRE
- Pradhan Mantri Mudra Yojana
- Design Clinic Scheme
- Aatmanirbhar App Innovation challenge
- eBiz Portal
- Venture Capitalist Assistance Scheme
- Startup India Seed Fund
#1 Startup India Initiative:
The government of India launched this Startup India Initiative scheme in the year 2016. The main motive is to increase the wealth and prosperity of the country’s economy by empowering entrepreneurs. Nearly, 50,000 startups have been recognized via this scheme in a period of six years.
Here are the eligibility criteria for this scheme.
- The startup has to be a registered firm, private limited company, or LLP.
- Turnover shouldn’t exceed 100 crores.
- The age of the startup firm has to be below 10 years.
Benefits:
- Tax exemption
- Cost Reduction
- Fund Access, etc.
#2 Stand-up India Initiative:
This scheme is one of the government schemes for startups in India. But the only distinction is it is mainly for Scheduled Tribes (STs), Scheduled Castes (SCs) & Women. This scheme is brought to promote entrepreneurship among these classes by providing financial aid as loans.
It aims to generate employment for backward castes and women and entrepreneurial spirit in this section. Banks will give loans of up to INR 1 crore to at least one SC or ST borrower and a woman borrower. There is also enough loan repayment time of seven years under this scheme. Yet, only first-time entrepreneurs are eligible for this scheme.
#3 Atal Innovation Mission (AIM):
Atal Innovation Mission is set up to promote a culture of innovation, research, and development. The main focus of this scheme is on tier-2 and tier-3 cities. Some key programs under this scheme are
- Innovation centers
- Atal labs
- Community incubation & innovation centers.
Apart from providing financial support, this scheme also provides easy access to information for startups.
#4 ASPIRE:
ASPIRE is one of the startup India schemes. ASPIRE stands for, A Scheme for the Promotion of Innovation, Rural Industries, and Entrepreneurship. This is launched to set up a network of technology centers and incubation centers to boost entrepreneurship. It allows startups to push for innovation in the agro-industry as well.
The main goals of this scheme are to:
- Create employment
- Boost entrepreneurship culture
- Improve economic growth in the districts
- Encourage innovative business plans
- Promote innovation to support the competitiveness of the MSME sector.
As this startup India scheme covers the farming industry, entrepreneurs can get good startup ideas in the agro-field too.
#5 Pradhan Mantri Mudra Yojana:
This scheme aims to provide access to capital and loans to help startups maintain and expand their business. Eligible applicants can get loans up to 10 lakhs. The repayment period for loans under this scheme is from five to seven years.
There are three classes under which loans will be provided:
- Shishu – Up to 50,000 (for new firms)
- Kishor -Up to 5 Lakhs (for mid-level firms)
- Tarun – Between 5-10 Lakhs (for experienced firms)
Startups have to be involved in manufacturing, services, or any other non-farm business to be eligible under this scheme.
#6 Design Clinic Scheme:
This is another startup India scheme that wants every startup and MSME to build a design-centric. This is a method to fuel their business. It aims to promote an ecosystem of sustainable design through skill development and training.
The government shall rise up to INR 60,000 for attending design seminars and up to INR 3.75 lakhs to the startup for conducting the seminar under this scheme. The main aim of this scheme is to make entrepreneurs learn the latest trends and practices about designs and network with like-minded people.
#7 Aatmanirbhar App Innovation challenge:
“Aatmanirbhar Bharat App Innovation Challenge” is mainly launched to make the startups of India come together and develop ‘Made in India’ apps. This will promote not only the people of India but also the whole world.
The idea is “When all the fields in India are going after the Aatmanirbhar idea, this is the right time to put the efforts into developing Indian-made apps as well”. The challenge was launched under the Digital India mission which is a drive of Niti Aayog. All the winners of the app innovation challenge will get Rs 20 lakhs, while the apps in the second and third positions will receive Rs 15 lakhs and Rs 10 lakhs.
#8 eBiz Portal:
eBiz is the first electronic government-to-business(G2B) portal. The main purpose of the portal is to change and develop good business conditions in the country. eBiz Portal was built by Infosys in a public-private partnership model. It is designed to act as a communication hub for investors and business communities in India. The portal has launched 29+ services in over 5 states of India so far. The government is working to slowly extend the scheme’s service in due course of time.
#9 Venture Capitalist Assistance Scheme:
This startup India scheme is launched by the government to help people who want to start their own businesses in farming. They can get some money from the government to start their business, like buying seeds, tools, and other important things.
This program has a lot of benefits, as follows:
- People who join the program can get a special kind of loan that doesn’t charge any interest with a repayment time of 5 years.
- It also helps people learn how to start their farming business. They can go to meetings, visit other farms, and get training to help them be successful.
Overall, this program is a great way for people who want to start a farming business, as they get enough financial assistance from the government.
#10 Startup India Seed Fund:
This scheme is made by the government of India to help startup businesses. They call this plan as Startup India Seed Fund Scheme. The government allocated INR 945 Crores, to help these small businesses.
The plan was to help 3600 businesses and 300 incubators. The businesses that were chosen will receive up to 5 Crores to get started. If a business has a new idea, it can get up to 20 Lakhs to help make a model or prototype. If a business had already started selling something, they could get up to 50 Lakhs to sell more. The main motive is to help startup businesses in India grow and be successful.
Conclusion:
These above-listed Startup India schemes can help existing small businesses. Also, it can inspire a lot of budding youths, students & women who are all aspiring to be successful entrepreneurs in India. Each government scheme will aid your startup with financial grants, incentives, tax exemptions, etc. So it would be a great decision if you avail these benefits to your startup business.
The vision is to make every bit of talent in India a prosperous one to build the nation in the right way. Best wishes to you for a fair business journey ahead in your life. We, OrderZ are always there to nurture your startup or small-scale business to grow further with an online presence.
