Introduction:
India’s startup ecosystem is flourishing, with the government launching various schemes to support budding entrepreneurs. These initiatives aim to provide crucial support in terms of technical assistance, subsidies, and financial aid, fostering innovation and growth in diverse sectors of the economy. Let’s delve into the top 5 government schemes empowering Indian startups to succeed on the global stage.
1. Atal Innovation Mission (AIM):
- Launched in 2016, AIM fosters innovation across various economic sectors by introducing new programs and policies to support startup development.
- Provides funding of approximately Rs. 10 crores over five years to finance firms in sectors like health, agriculture, education, transportation, etc.
2. Multiplier Grant Scheme (MGS):
- Initiated by the Department of Electronics and Information Technology, MGS aims to encourage collaborative research and development among industries.
- Offers a maximum grant of Rs. 2 crore per project for a duration of less than two years, empowering the growth of goods and services.
3. Dairy Entrepreneurship Development Scheme (DEDS):
- Launched by the Department of Animal Husbandry, Fisheries, and Dairying, DEDS aims to create self-employment opportunities in the dairy sector.
- Provides back-end capital for bankable projects, covering 25% of the total project cost for general category candidates and 33.33% for SC/ST category farms.
4. Startup India Initiative:
- One of the most popular government schemes, Startup India Initiative offers tax benefits to entrepreneurs for over five years.
- Recognizes startups with a maximum age limit of 7 years, extending to 10 years for biotechnology companies, after the date of establishment.
5. Startup India Seed Fund Scheme:
- Introduced in January 2021, this scheme supports early-stage startups by providing funding of Rs. 5 crore.
- Selected entrepreneurs receive funding for developing concepts or demonstrations (up to Rs. 20 lakhs) and growing their goods or services (up to Rs. 50 lakhs).
Conclusion:
These government schemes play a pivotal role in nurturing and sustaining the growth of startups in India. By providing essential support and funding, they empower entrepreneurs to innovate, create jobs, and contribute to the country’s economic development.
