The Startup India Scheme is an initiative of the Government of India in 2016. The primary objective of Startup India is the promotion of startups, the generation of employment, and wealth creation. Startup India has initiated several programs for building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers. These programs are managed by the Department for Industrial Policy and Promotion (DPIIT).
Types of Startups Schemes-
- Mudra Loan Scheme.
- MSME Business Loans in 59 Minutes.
- The Credit Guarantee Scheme (CGS)
- Stand Up India Scheme.
- Coir Udyami Yojana.
- National Bank for Agriculture and Rural Development (NABARD)
- Credit Link Capital Subsidy Scheme.
- National Small Industries Corporation Subsidy.
- Pradhan Mantri Mudra Yojana.
- Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTSME) Financial Support to MSMEs in ZED Certification Scheme.
- Credit Linked Capital Subsidy for Technology Upgradation (CLCSS)
Popular Startups Schemes
Ashwini Vaishnav, who was then a newly appointed Minister of Electronics Information and Technology (meity) launched the SAMRIDH scheme, which stands for Startup Accelerators of meity for Product Innovation, Development, and growth.
The SAMRIDH initiative is designed to provide funding support to startups along with helping them bring skill sets together which will help them grow successfully.
Startup India Seed Fund
Prime Minister Narendra Modi announced the launch of the ‘Startup India Seed Fund’ worth INR 1,000 crores to help startups and support ideas from aspiring entrepreneurs. PM Modi said that the government is taking important measures to ensure that startups in India do not face any capital shortage.
Startup India Initiative
The Prime Minister of India launched the Startup India Initiative in the year 2016 on 16th January. The idea is to increase wealth and employability by giving wings to entrepreneurial spirits.
The government has made continuous efforts to improve the social and economic aspects of life in rural areas of India and one of the most popular schemes that the Indian government has sanctioned in this regard is ASPIRE. A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship (ASPIRE) is a Government of India initiative promoted by the Ministry of Micro, Small and Medium Enterprises (MSME).
Pradhan Mantri Mudra Yojana (PMMY)
The government has introduced this scheme to support small businesses in India. MUDRA comes under Pradhan Mantri Mudra Yojana (PMMY) which was launched on 8 April 2015. The loans have been categorized as Tarun, Kishore, and Shishu. The assets are created through the bank’s finance and there is no collateral security.
Ministry of Skill Development and Entrepreneurship
Micro Units Development Refinance Agency (MUDRA) banks has been created to enhance credit facility and boost the growth of small business in rural areas. The government has introduced this scheme to support small businesses in India. In 2015, the government allocated INR 10,000 crore to promote startup culture in the country. The MUDRA banks provide startup loans of up to INR 10 lakhs to small enterprises, business, which are non-corporate, and non-farm small/micro-enterprises. MUDRA comes under Pradhan Mantri Mudra Yojana (PMMY).
Multiplier Grants Scheme (MGS)
Department of Electronics and Information Technology (DeitY) started the Multiplier Grants Scheme (MGS). This scheme aims to encourage collaborative Research & Development (R&D) between industry and academics/institutions for the development of products and packages. Under the scheme, if the industry supports the R&D of products that can be commercialized at the institutional level, the government shall provide financial support which will be up to twice the amount provided by the industry.
The Venture Capital Assistance Scheme (VCA)
Small Farmer’s Agri-Business Consortium (SFAC) has launched the Venture Capital Assistance (VCA) scheme for the welfare of farmer-entrepreneurs and to develop their agri-business. The scheme is approved by the banks and financial institutions regulated by the RBI. It intends to provide assistance in the form of term loans to farmers so that the latter can meet the capital requirements for their project’s implementation. VCA promotes the training and nurturing of agri-entrepreneurs.
Single Point Registration Scheme (SPRS)
The Single Point Registration Scheme (SPRS) was launched in 2003. It is managed by the National Small Industries Corporation (NSIC). NSIC registers all Micro & Small Enterprises (MSEs) in India under the Single Point Registration Scheme to enable them to participate in government purchases.
Modified Special Incentive Package Scheme (M-SIPS)
The government of India has approved a special incentive package to promote large-scale manufacturing in the Electronic System Design and Manufacturing (ESDM) sector. The scheme is called the Modified Special Incentive Package Scheme (M-SIPS).
Stand-Up India for Financing SC/ST and/or Women Entrepreneurs
Stand-Up India is a notable government of India scheme for financing SC/ST and/or women entrepreneurs. According to the scheme, bank loans between 10 lakhs to 1 crore can be borrowed by at least one Scheduled Cast (SC) or Scheduled Tribe (ST) borrower and at least one woman per bank brand to set up a greenfield enterprise.
High Risk – High Reward Research
The High Risk and High Reward Research is a scheme launched by the Indian government to support and invite new proposals and ideas that have the potential to usher a paradigm-shifting influence on the Science and Technology domains. This funding focuses on the new proposals, which might be conceptually new and risky but are expected to have a paradigm-shifting influence on the S&T, in terms of formulating new hypotheses or scientific breakthroughs, which might help in the emergence of new technologies.
Sub-Mission on Agricultural Mechanization (SMAM)
The Sub-Mission on Agricultural Mechanization (SMAM) is a government initiative that was launched by the Government of India in 2014-2015, aiming to increase the reach of farm mechanisation, especially to the small and marginal farmers and in other such areas where the availability of farm power is low.
The government of India launched Drone Shakti, as voiced by the Union Finance Minister Nirmala Sitharaman on February 1, 2022. This new initiative is designed to motivate startups to introduce diverse applications for drones, including drones-as-a-service (DaaS).
Software Technology Park (STP):
The Software Technology Park (STP) scheme is a totally export-oriented scheme for the development and export of computer software. This includes the export of professional services using communication links or media. The scheme is unique in its nature as it focuses on only one sector, i.e., computer software.