India is growing and developing as a country. Now, with Prime Minister Narendra Modi’s ‘Startup Initiative’, the business sector has kick-started. To encourage budding entrepreneurs, our government has come up with more than 30 schemes for the startup movement that almost cover all industries, from IT to farming.
Even though the Startup India Scheme is well recognised, most of us don’t know the schemes and facilities associated with it. If you are an entrepreneur and want to start your own business, read on as we list some of the schemes you should know about:
This scheme is for the IT sector- IT services, analysis, enterprise software, technology hardware, and such industries. It is headed by the Department of Electronics and Information Technology (DeitY). The government grants INR 2 crores for a project that should last a period of 2 years. For enterprise consortiums, these figures would be INR 4 Crore and three years.
2. The NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC)
This scheme aims “To promote knowledge-based and technology-driven start-ups by harnessing young minds and their innovation potential in an academic environment.”
It caters to industries of chemicals, technology hardware, health and life sciences, aeronautics and defence, agriculture, automotive, telecommunication and networking, construction, designing, renewable and non-renewable energy, nanotechnology, pets and animals, etc. The Indian Government provides a limited, one-time non-recurring assistance of a maximum of INR 25 Lakhs.
3. The Venture Capital Assistance Schemes
Catering to the agricultural industry, this scheme is headed by Small Farmers’ Agri-Business Consortium (SFAC). The minimum quantity of financial assistance will depend on the project’s cost, the location of the startup and the promoter’s status.
4. Pradhan Mantri Mudra Yojana (PMMY)
This is headed by Micro Units Development and Refinance Agency Ltd. (MUDRA) which serves for Sector-agnostic. It aims to support banks that lend money to micro units. It has three categories – SHISHU (covering small loans under INR 50,000), KISHOR (covering medium-sized loans of an amount between INR 50,000 to 5 Lakhs) and TARUN (which covers INR 5 lakhs to 10 lakhs).
Headed by the Science and Engineering Research Board, this scheme caters to industries like Chemical, healthcare, nanotechnology and social impact. It primarily encourages young scientists and researchers to participate in events of the above sectors with nominal support for pre-operative expenses.
6. 4 E (End to End Energy Efficiency)
This scheme is headed by Small Industries Development Bank of India (SIDBI). It provides the eligible borrower up to 90 percent of the project cost. The minimum amount of loan that can be offered is INR 10 Lakhs, exceeding up to a maximum of INR 150 Lakhs. Micro, Small and Medium Enterprises (MSMEs) units have to pay only INR 30,000 plus taxes, and the balance amount will be paid by SIDBI.
7. Dairy Entrepreneurship Development Scheme
The National Bank for Agriculture and Rural Development (NABARD) is heading this scheme. It aims at providing incentives to sectors like Agriculture, pets and animals, social impact and food and beverages. They offer incentives that differ from project to project, concerning requirements and establishments of the facilities.
If you are an entrepreneur or are looking for some help to begin a business of your own, you can make use of any of these schemes.
Join our Prime Minister in the Startup Movement and contribute to our development as a nation. You too can make India proud!
