Top 8 Government Schemes For Startups In India

Top 8 Government Schemes For Startups In India

Starting a business comes with its fair share of challenges. Fortunately, the Indian government has recognized the importance of startups in driving innovation and economic growth, and they've rolled out a range of initiatives to support budding entrepreneurs like you.

In this blog, we're going to take you on a guided tour of these government schemes, offering insights into what they offer, who's eligible, and how they can benefit your startup.

Why are Government Schemes important for Startups?

Government support plays a pivotal role in nurturing and sustaining startups for several reasons:

1. Access to Funding

  • Government-backed schemes and initiatives provide access to funding and financial assistance, which is crucial for startups, especially in their early stages of development.
  • These funds can help cover initial capital expenditures, research and development costs, and other operational expenses.

2. Regulatory Support

  • Governments often create favorable regulatory environments and offer incentives such as tax breaks, exemptions, and subsidies to encourage entrepreneurship and innovation.

3. Infrastructure Development

  • Government investment in infrastructure development, including technology parks, startup incubators, and innovation hubs, provides startups with access to essential resources, facilities, and networking opportunities.

4. Skill Development and Training

  • Government-sponsored programs and initiatives focus on skill development, entrepreneurship training, and capacity-building for aspiring entrepreneurs. By imparting essential business skills, knowledge, and mentorship, governments empower startups to navigate challenges effectively.

5. Market Access and Promotion

  • Government initiatives aim to facilitate market access for startups by promoting domestic and international trade, fostering industry partnerships, and facilitating market linkages through trade fairs, exhibitions, and business delegations.

6. Innovation and Research Support

  • Governments incentivize research and innovation through grants, subsidies, and funding programs aimed at supporting startups engaged in technology development, product innovation, and scientific research.

7. Job Creation and Economic Growth

  • Government support for startups leads to the creation of new job opportunities, stimulates economic activity, and contributes to GDP growth by fostering entrepreneurship, innovation, and productivity.

List of Government Schemes for Startups in India

Name of the Scheme

Description

Who is it for?

Benefits

Startup India Seed Fund Scheme

To provide monetary support for proof of concept, prototype development, product trials, market, and commercialization

Startups using Technology as their core product or service

Under this scheme, Financial assistance up to Rs. 50 lakh will be provided to startups at an early stage through incubators

Women Entrepreneurship Platform (WEP)

To promote women entrepreneurship in the country by empowering them through financial aid and mentoring

For Women Entrepreneurs

Apart from providing incubation & acceleration, this scheme offers mentorship and financial and marketing assistance.

Pradhan Mantri Mudra Yojana (PMMY)

To loan funds in the form of MUDRA for promoting MSMEs

For small-scale businesses & MSMEs

Business loans ranging from Rs.50,000 to Rs.10 lakh can be applied under this scheme, which is divided into three categories: Sishu, Kishor, and Tarun.

Promoting Innovations in Individuals, Start-ups and MSMEs (PRISM)

To provide grants, technical advice, and mentorship to individual innovators, guiding them through the various stages of incubating their ideas until they transform into viable enterprises

For Innovators in the technology area

Upto INR 2,00,000 or 90% of the approved project cost for prototype or model development

Support for International Patent Protection in Electronics & Information Technology (SIP-EIT)

To foster innovation by providing financial support to MSMEs and Technology Startup units for international patent filing

For MSMEs and  Technology startups

A maximum reimbursement of Rs. 15 Lakhs per invention or 50% of the total charges incurred in filing and processing a patent application, whichever is lesser

Credit Guarantee Fund

To improve the credit delivery system and make credit more accessible to small and medium-sized businesses

For Micro and Small Enterprises

Collateral-free loans up to a limit of Rs. 200 lakh are available for individual MSE

Startup Accelerators of MeitY for Product Innovation, Development, and Growth (SAMRIDH)

To provide funding support to the tech and software startups with proof of concept & innovations.

For Tech & Software startups

Under this scheme, startups can get funding of up to Rs. 40 lakhs based on current valuation and growth stage through selected accelerators.

Nidhi Seed Support System (NIDHI-SSS)

To provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization, etc.

For MSMEs and Technology startups

Financial Support up to Rs 100 lakhs per start-up as Seed Support

To conclude, the government of India has been actively participating in boosting the startup ecosystem, and numerous initiatives are launched each financial year to contribute to the growth of MSMEs. For detailed features, eligibility, process and benefits, visit the respective page for schemes and if you feel any of these schemes can give wings to your startup dreams, you can go through the given details and apply.

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Smooth onboarding, seamless incorporation and a wonderful community. Thanks to the #razorpayrize team! #rizeincorporation
Dhaval Trivedi
Basanth Verma
shopeg.in
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@foxsellapp
#razorpayrize #rizeincorporation
Dhaval Trivedi
Prakhar Shrivastava
foxsell.app
We would recommend Razorpay Rize incorporation services to any founder without a second doubt. The process was beyond efficient and show's razorpay founder's commitment and vision to truly help entrepreneur's and early stage startups to get them incorporated with ease. If you wanna get incorporated, pick them. Thanks for the help Razorpay.

#entrepreneur #tbsmagazine #rize #razorpay #feedback
Dhaval Trivedi
TBS Magazine
Hey, Guys!
We just got incorporated yesterday.
Thanks to Rize team for all the Support.
It was a wonderful experience.
CHEERS 🥂
#entrepreneur #tbsmagazine #rize #razorpay #feedback
Dhaval Trivedi
Nayan Mishra
https://zillout.com/