Top 10 Government Schemes Every Indian Entrepreneur Must Know

Unveiling the top 10 government schemes that every Indian entrepreneur must know

India is a country of entrepreneurs, with millions of people engaged in various kinds of businesses, from small-scale to large-scale, from traditional to innovative, and from rural to urban. Entrepreneurship is a key driver of India’s economic growth, employment generation, and social development. To support and encourage entrepreneurship, the Indian government has launched several schemes that provide entrepreneurs with financial assistance, tax benefits, mentorship, training, and other incentives. Here are the top 10 government schemes that every Indian entrepreneur must know:

1. Startup India Scheme: This scheme was launched in 2016 to promote and support startups in India by providing them with funding, tax benefits, and other incentives. The scheme aims to create a conducive environment for startups to grow and innovate. Some of the scheme’s benefits include self-certification for compliance, exemption from income tax for three years, fast-track patent application and IPR protection, easier public procurement norms, and access to a network of mentors, incubators, and investors.
2. Stand-Up India Scheme: This scheme was launched in 2016 to facilitate bank loans between 10 lakh and 1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise. The scheme aims to promote entrepreneurship among women and SC/ST communities and create employment opportunities. The scheme also provides training and support services to the borrowers.
3. Mudra Yojana Scheme: This scheme was launched in 2015 to provide loans up to 10 lakh to non-corporate, non-farm small/micro enterprises. The scheme covers trading, manufacturing, services, and allied agricultural activities. The scheme also provides credit guarantees and interest subsidies to the borrowers. The scheme has three categories of loans: Shishu (up to 50,000), Kishore (50,001 to 5 lakh), and Tarun (5 lakh to 10 lakh).
4. Atal Innovation Mission (AIM): This scheme was launched in 2016 to foster a culture of innovation and entrepreneurship in India. The scheme has two core components: Atal Tinkering Labs (ATLs) and Atal Incubation Centres (AICs). ATLs are set up in schools to give students access to tools and technologies to create innovative solutions.AICs are set up in universities, research institutions, or corporations to provide incubation support to startups.
5. Pradhan Mantri Kaushal Vikas Yojana (PMKVY): This scheme was launched in 2015 to provide skill development training to youth in various sectors. The scheme aims to enhance the employability and productivity of the youth and enable them to start their businesses or get employed. The scheme also recognizes prior learning, placement assistance, and entrepreneurship support.
6. National Small Industries Corporation (NSIC) Schemes: NSIC is a government enterprise that provides various schemes and services to micro, small, and medium enterprises (MSMEs). Some schemes include credit facilitation, raw material assistance, marketing assistance, technology support, performance and credit rating, single-point registration for government purchases, etc.
7. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE): This scheme was launched in 2000 to provide collateral-free credit to MSMEs through eligible lending institutions. The scheme covers term and working capital loans up to 2 crore. The scheme also provides a credit guarantee covering up to 75% of the credit facility.
8. Technology Development Fund (TDF): This scheme was launched in 2016 to assist MSMEs and startups in developing indigenous technologies for the defense and aerospace sectors. The scheme aims to encourage innovation and self-reliance in these sectors. The scheme covers up to 90% of the project cost, subject to a maximum of 10 crore.
9. Biotechnology Ignition Grant (BIG): This scheme was launched in 2012 by the Biotechnology Industry Research Assistance Council (BIRAC) under the Ministry of Science and Technology. The scheme provides up to 50 lakh grants for 18 months to startups and entrepreneurs in the biotechnology sector for proof-of-concept, prototype development, product validation, etc.
10. Electronics Development Fund (EDF): This scheme was launched in 2016 by the Ministry of Electronics and Information Technology. The scheme provides capital support to venture funds that invest in startups and companies in the electronics sector. The scheme aims to create an innovation and manufacturing ecosystem in the electronics sector.

These are some of the government schemes that can help entrepreneurs in India start and grow their businesses. Entrepreneurs can leverage these schemes to access funding, tax benefits, mentorship, training, and other support services. These schemes can also help entrepreneurs overcome the challenges and risks involved in entrepreneurship and contribute to the economic and social development of the country.