India is gradually moving towards the startup ecosystem. Therefore, in order to boost entrepreneurship, Government has created an entire ministry dedicated to helping new businesses. There are lots of Government Startup Schemes that has taken these initiatives to promote entrepreneurship.
So, here are some of the central Government Startup Schemes to promote entrepreneurship
Startup India Initiative
Prime Minister of India launched Startup India Initiative in the year 2016. This Government Startup Schemes changed the definition of a startup in terms of the scale and the horizon. The idea is to increase wealth and employability through increasing entrepreneurial spirit.
They have given startups tax benefits under this scheme, and 798 applicants have got the benefit of the tax break. The Department of Industrial Policy and Promotion has taken up this initiative and is working on this project.
Moreover, the overall age limit for startups has increased from two years to seven years. And for biotechnology firms, the age limit is ten years from the date of incorporation now.
It is one of the best Indian government startup schemes for entrepreneurs as it is providing lots of policies for entrepreneurship programs.
The Government has made continuous efforts to improve social and economic life in rural areas of India. Since 56% of the Indian population lives in rural areas, the Government is promoting entrepreneurship and innovation in this area.
This Government Startup Schemes, ASPIRE, aims at increasing employment, reducing poverty, and improving innovation in rural India. However, the main idea is to promote the agro-business Industry.
The Ministry of Medium and Small Enterprises has tried to get economic development at the grassroots level.
The total budget plan is Rs. 62.5 crores for the years 2014-2016.
Micro Units Development Refinance Agency(MUDRA) Bank has been created to enhance the credit facility to boost the growth of small business in rural areas.
This Government Startup Schemes has introduced this scheme to support small business in India. In 2015, the Government allocated 10,000 crores to promote startup culture in the country.
The MUDRA banks provide startup loans for Rs. 10 lakh to small enterprises, a business which is non-corporate, non-farm small/micro-enterprises.
It comes under Pradhan Mantri Mudra Yojana(PMMY), which was launched on 8th April 2015. The loans have been categorized into 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
This task of promoting entrepreneurship was earlier given to different departments and government agencies.
In 2014, Prime Minister decided to dedicate an entire ministry to build this sector as he feels that skill development requires more tension from the government side to promote and encourage them among the people.
Atal Innovation Mission
In the budget of 2015, the Government established the Atal Innovation Mission (AIM), while the name is coming from Former Prime Minister of India Atal Bihari Vajpayee.
This Government Startup Schemes allocated AIM about Rs. 150 crores in the year 2015.
The Government launched the first electronic Government to business(G2B) portal.
The main purpose of the portal is to transform and develop a conducive business environment in the country. The eBiz portal was developed by Infosys in a public-private partnership model. It is a communication center for investors and the business communities in India.
The portal has launched 29 services in 5 states of India, viz., Andhra Pradesh, Delhi, Haryana, Maharashtra, and Tamil Nadu. The Government will add more services to the scheme in the future.