Government Schemes For Startups [Goals & Benefits]

S.no

Name of Policy/Program

Goals and Benefits

1

Startup India

The program aims to encourage bank financing for startup ventures to increase entrepreneurship and job creation while limiting states' policymaking role. The Deen Dayal Upadhyay Swaniyojan Yojana is Rural India's version of Startup India.

A Startup India Learning Programme, online startup recognition, facilitated patent filing, easier compliance norms, relaxed procurement norms, incubator support, innovation-focused programmes for students, funding support, tax benefits, and regulatory issues relating to land use permissions, foreign investment proposals, and environmental clearances are also available. This is one of the most widely known Government Schemes for Startups.

2

Stand Up India

The Stand Up India initiative seeks to promote entrepreneurship and job creation at the grassroots level, with a focus on Scheduled Castes, Scheduled Tribes, and women. The following services are expected to be provided in general:

• Assistance with finances preparing a project plan to assist in the acquisition of bank loans ranging from Rs 10 lakh to Rs 1 crore.

• Each bank branch provides technical skill training to at least one SC/ST and one female borrower in preparation for the establishment of a greenfield enterprise in the manufacturing, service, or trade sectors.

3

Make in India

The Make in India initiative is one of the national government Schemes for startups that aims to turn India into a global manufacturing powerhouse. It includes a slew of proposals aimed at attracting both domestic and foreign investment in the initiative's 25 key areas, such as:

• Automobiles

• Chemicals

• Information Technology

• Pharmaceuticals

• Textiles

• Aviation

• Leather

• Tourism

• Hospitality

• Wellness

• Railways

• Infrastructure

It has established an investor facilitation cell to assist foreign businesses in finding partners and locations, and a slew of domestic Schemes have been implemented since PM Modi announced the 'Stand Up India' initiative in his Independence Day speech in 2015.

4

AIM platform

The National Institute of Transforming India (NITI) established AIM to provide an academic-led platform for the promotion of innovation that draws on experience garnered nationally or internationally to foster an innovative, development-focused and dependent on solid research

The primary goal of the AIM platform, one of the more well-known Government Schemes for Startups, is to encourage the development of innovative startups, self-employed entrepreneurial endeavours and hubs for their growth. Its other functionalities include:

• Creation of unique programmes and policies to encourage innovation in a wide range of economic sectors, particularly those that are underserved and underdeveloped.

• Providing opportunities for collaboration to various stakeholders

• Putting in place a governance structure to manage the country's innovation ecosystem

5

STEP platform

The Support to Training and Employment Programme (STEP) was established by the Indian government to assist rural women in India who do not have access to ITIesque skill training in their portfolios. The Ministry of Skill Development and Entrepreneurship and NITI Aayog rewrote the guidelines for a 30-year-old project to meet modern needs.

6

NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC)

The NewGen IEDC initiative was launched by the National Science and Technology Entrepreneurship Development Board, a part of the Government of India's Department of Science and Technology. The initiative aims to instil an entrepreneurial and innovative spirit in India's youth.  It was established to assist and develop entrepreneurs through mentoring and guidance.

The NewGen IEDC programme will be implemented in educational institutions over a five-year period. Following that, the funds will be used to fund up to 20 projects under Government Schemes for Startups.

7

Biotech push

The Biotechnology Industry Research Assistance Council (BIRAC), a non-profit enterprise in the public sector, was established by the Department of Biotechnology to enable biotechnology-based businesses to increase their scope and revenue, instil a strategic research-based innovative mentality, and abridge the current chasm between academics and industry. 

The expectation with this is to produce high-quality goods at an affordable price. In order to boost the Indian biotechnology enterprises, particularly startups and small and medium-sized enterprises, BIRAC has formed alliances with several national and international players, and has facilitated a number of medical technology developments.

8

Skills development

Another significant step toward self-sufficiency was the National Skill Development Mission (NSDM). This mission, which began in July 2015, aims to promote cross-sector and cross-state collaboration in skilled industries and Schemes, and to facilitate decision-making without sacrificing quality or speed.

In the preliminary phase, seven sub-missions were proposed to guide the mission's skilling efforts: infrastructure training, overseas employment, convergence, sustainable livelihood, and leveraging public infrastructure are all examples of intuitional training.