The Indian government has implemented several schemes and initiatives to support and promote startups in the country. These initiatives are aimed at fostering innovation, entrepreneurship, and economic growth, and provide various benefits and incentives for startups to thrive. Some of the key schemes for startups in India include:
Startup India: Startup India is a flagship initiative launched by the Indian government to promote startups in the country. It provides a comprehensive package of incentives, benefits, and support for startups, including tax benefits, funding support, and access to resources and networks. Startup India also offers a single-window clearance mechanism for startups, making it easier for them to navigate regulatory requirements and set up their businesses.
Pradhan Mantri Mudra Yojana (PMMY): PMMY is a scheme launched by the Indian government to provide funding support to micro and small enterprises, including startups. Under PMMY, startups can avail collateral-free loans up to Rs. 10 lakh through various lending institutions, which can be used for working capital, purchasing equipment, or other business-related purposes.
Atal Innovation Mission (AIM): AIM is an initiative launched by the Indian government to promote innovation and entrepreneurship among students, researchers, and startups. It offers various programs and schemes, such as Atal Tinkering Labs, Atal Incubation Centers, and Atal New India Challenges, which provide funding, mentoring, and support for startups to develop innovative solutions and products.
Stand-Up India: Stand-Up India is a scheme launched by the Indian government to promote entrepreneurship among women and Scheduled Castes (SC)/Scheduled Tribes (ST) communities. Under this scheme, startups owned by women entrepreneurs or entrepreneurs from SC/ST communities can avail loans from Rs. 10 lakh to Rs. 1 crore for setting up new ventures in manufacturing, services, or trading sectors.
Make in India: Make in India is a flagship initiative of the Indian government aimed at promoting manufacturing and attracting investments in the country. It offers various incentives and benefits for startups in the manufacturing sector, including simplified regulatory norms, tax benefits, and access to infrastructure facilities.
Research and Development (R&D) Support: The Indian government offers various incentives and funding support for startups engaged in research and development activities. This includes schemes such as the Technology Development and Acquisition Fund (TDAF), which provides funding support for startups engaged in developing cutting-edge technologies, and the Fund of Funds for Startups (FFS), which supports startups through venture capital funds.
Export Promotion Schemes: The Indian government also offers various export promotion schemes to support startups in expanding their markets globally. This includes schemes such as the Merchandise Exports from India Scheme (MEIS) and the Services Exports from India Scheme (SEIS), which provide financial incentives to startups for export of goods and services.
These are some of the key schemes and initiatives by the Indian government to support startups in the country. Startups can avail these benefits and incentives to enhance their growth, access funding, and navigate regulatory requirements, thereby creating a conducive environment for entrepreneurship and innovation in India.
At Maxentra, we can guide you to avail of these schemes, by helping you make the proposal and creae the Business Plan, helping you with the procedures. Call us now for a one on one business consultancy