The Indian government has established a definition of a startup as an organization that is less than seven years old, has its headquarters in India, and has a yearly revenue of fewer than 250 million rupees. Such smaller-scale firms are accelerated by government startup programmes, which ultimately support the expansion of the Indian economy as a whole.
We all know that demonetization and Covid-19 had a huge effect on India's economy, hence the best method to stimulate the economy is to assist Indian entrepreneurs and MSMEs. Therefore, we will learn about the top central government programmes for startups and MSMEs in this post.
Startup India Initiatives
The Indian government's Startup India Scheme is a programme whose primary goals are the growth of new businesses, or startups, as well as employment and prosperity. On January 16, 2016, our PM launched it in New Delhi.
If new Indian startups meet specific requirements, they may benefit from this program's administrative and tax breaks, capital growth tax exemptions, and access to government investment.
In addition, a system of self-accreditation agreements for the main labour and conditions regulations is set up, and for the first three to five years after the business's launch, there won't be any inquiries.
ATAL Innovation Mission
The Indian government's Atal Innovation Mission aims to cultivate and advance an innovative and entrepreneurial culture. With platforms and opportunities for stakeholder engagement, AIM's objective is to establish new programmes and policies for supporting innovation across the economy. It also aims to build an umbrella structure to manage the nation's innovation and entrepreneurship ecosystem.
AIM adopts a comprehensive strategy to assure the development of a problem-solving, inventive attitude in educational institutions and the promotion of an entrepreneurial ecosystem in the commercial, MSME, university, and research sectors. MIS systems that operate in real-time and dynamic dashboards are being used to monitor and manage each.
In order to guarantee ongoing improvements, AIM is also now having its programmes examined by other organizations.
The eBiz Portal
The eBiz, India's first Government-to-Business (G2B) portal, has been launched by the Ministry of Commerce and Industry with the goal of reforming and building a favorable business environment in the nation.
The platform, which Infosys built in a public-private collaboration, would provide investors and the business community in India a one-stop shop for G2B services. The portal will aid in decreasing the long waiting times and hassles associated with getting information and services.
The website can be used by businesses that are already operating in India or those who want to do so to get licences, approvals, clearances, no objection certificates, permits, and even to file taxes.
Grants Multiplier Scheme
The Department of Electronics and Information Technology (DeitY) is implementing the Multiplier Grants Scheme (MGS). MGS wants to encourage industrial, academic, and R&D group collaboration on R&D for the development of goods and packaging.
If industry contributes to R&D for the development of products that can be marketed at the institution level, the initiative will be implemented. In addition, the government will provide an equal sum. The plan requires the industry and the institutions to submit joint applications for financial support.
The program's objective is to persuade companies to work together on product development with leading academic and governmental R&D institutions.
Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTSME)
CGTSME is one of the most significant Startup Loan Schemes offered by India's Ministry of MSME. A collateral-free loan of up to Rs 1 crore is given to qualified startups and MSMEs under this government programme.
The loan is distributed by the Ministry of MSME and Small Industries Development Bank of India through a trust called Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) (SIDBI).
MUDRA Yojana:
The Pradhan Mantri Yojana was introduced in 2015. The main intention of this scheme was to assist small businesses to grow and expand. Under this programme, businesses from profit and nonprofit sectors can apply for loans. The maximum limit of amount to be given is Rs. 10 lakh.
The Pradhan Mantri Mudra Yojana offers MUDRA Loans (PMMY). Micro-Units Development and Refinance Agency is what MUDRA stands for. According to the Sishu, Kishor, and Tarun categories, borrowers can obtain business loans via this programme in the range of Rs. 50,000 to Rs. 10 lakh.
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