India is a fast developing country. In the upcoming years, India will become the largest startup nation in the world. In this process Indian Entrepreneurs need some financial support, therefore the Indian government has taken many initiatives by introducing many new schemes to support and promote Entrepreneurship in India. Indian Govt set up several startup schemes to provide financial help to the Indian entrepreneurs. Here are some Initiatives that central and state Govt has taken to boost up the startup culture in India. Let’s have a look at these Entrepreneurship development Schemes of India.
1. Startup India :
The Government of India announced this campaign on 15th August 2015. It was first announced by the prime minister of India, Narendra Modi. It resulted from “the startup wave” that appeared at the beginning of 2014 in India. Later in 2016, the Indian Government launched the “Startup India” scheme to promote the upcoming entrepreneurs of the nation by providing financial support, Incubation opportunities, and guidance for their startup plans. There are three primary focussing areas in its action plan-
1. Funding Support and Incentives
2. simplification and handholding
3. Industry-Academia Partnership and incubation.
The idea involving launching the startup India Initiative was to generate employment in the nation through startups and it also helps the government to build a self- reliant India. Almost 15,500 startups recognized under the scheme “startup India“. Over 1,50,000 jobs were created under this campaign and also 45% of recognized startups have a minimum of one or more women directors, which helps women to get equality in the workplace.
Register your Startup -> click here!
2. MUDRA bank :
Micro Unit Development Refinance Agency (MUDRA) bank has created many Schemes under the aegis of Pradhan Mantri Mudra Yojana, (PMMY) launched on 8th April 2015. Its aim was to enhance the credit facilities to boost up the growth of small business in rural India. In 2015 the Indian government rose a fund of 10,000 crores to support Indian startups. The MUDRA bank provides loans for 10 lakhs to small businesses and enterprises. MUDRA has created 3 products under PMMY and named them ‘Shishu’, ‘Kishore‘ and ‘Tarun’ according to their growth stage.
Apply for your MUDRA loan-> Click here !
3. Credit Guarantee Scheme for startups :
The government of India launched this scheme to provide collateral-free credit to the micro and small enterprise sectors. Both the new and existing enterprises are eligible for this scheme. The Ministry Micro Small and Medium Enterprise, Small Industries Development Bank of India (SIDBI), and Government of India established a Trust named Credit guarantee fund trust for Micro and Small Enterprise (CGTMSE) to implement the Credit Guarantee Fund Scheme. The government allows a maximum amount of up to 1 crore under this Scheme.
4. ASPIRE :
Since many years the Indian government has made continuous efforts to improve social and economic life in rural India. Nearly 68% of the Indian population lives in rural areas. The government launched this scheme with a motive to increase employment rates and reduce poverty by improving Innovation and entrepreneurship in India. The key idea of the scheme ASPIRE is to promote the Innovation and Agro-business Industry. ASPIRE has three primary components –
1. Technology Business Incubators (TBI)
2. Livelihood Business Incubators
3. A Fund to be managed by Small Industries Bank of India (SIDBI)
ASPIRE Registration 2020-> click here!
5. Software technology park (STP) scheme:
The (STP) Scheme is an Export-Oriented Scheme dedicated to the development and exportation of computer software, including professional services. The scheme is unique by nature because it focuses on one product/sector. The software Technology park of India was set up in 1991 under the Ministry of Electronics and Information Technology. The Approvals of Technology park given under a single window, it provides services to software exporters and incubation infrastructure to SMEs.
6. The Venture Capital Assistance Scheme (VCA) :
The Venture Capital Scheme (VCA) is one of the best Government Schemes to promote agriculture entrepreneurship in India. Small Farmer’s Agri-Business Consortium (SFAC) launched the Scheme and named it Venture Capital Assistance (VCA) Scheme. SFAC gives interest-free loans. It helps the welfare of farmer- Entrepreneurs to develop their Agri-business. VCA provides training for the Agri-Entrepreneurs in setting up the Agri-business projects. VCA gives financial support to the qualifying projects of Farmers or Agri-entrepreneurs. The quantum of loan will be 26% or 40% of the promoter’s equity. The maximum amount of loan provided under (VCA) scheme is Rs. 50 lakh.
Apply for your SFAC loan-> Click here!