There have been over fifty new government schemes for startups in India that have been introduced by the government of India in the recent years. The main motto of all the introduced government schemes for startups is to boost the ecosystem of the India startup sector.
On an approximation, there are around 4500 technological field start-ups in India and the expectation of the numbers to increase drastically in the upcoming years is analyzed by introducing these government schemes for startups. The numbers are approximated to reach 20,000 by the end of the year 2020.
On analysis, India has gained the number three spot in the sector of start-ups and is behind the US and the UK. Along with the counterpart located globally, India has a billion dollar club for the whereabouts. All the government schemes for startups have been lately introduced with a lot of benefit for the citizens India.
However, it is noticed that a lot of start-ups are unaware of all the implemented schemes by the Indian government or the idea is foggy regarding the availing of the facilities as put forward to them.
Key considerations By Indian Government on Government schemes for startups
- The estimation of the funding pool is INR 10000 crores.
- There is a significant reduction in the fees of registration.
- A ninety-day window for exit is maintained with improvised code for bankruptcy.
- The initial three years is free from inspections.
- No capital gain tax is imposed in the first three years.
- No taxation in the initial three years of business operation.
- Compliance with self-certification.
- Atal Innovation Mission allows the creation of an innovation hub.
- Innovation programs to be imposed on one million students across half a million schools across India.
- New protection protocols for start-up firms under IPR.
- The government schemes promote and encourage entrepreneurship throughout India.
- The main aim is to promote the country across the global start-up hub.
25 New Government Schemes for Startups
- For Unemployed Youth of J&K- Udaan Training Programme
- The Venture Capital Assistance Scheme
- TDP (Technology Development Programme)
- Sustainable Finance Scheme
- SIP-EIT (Support for International Patent Protection in Electronics & Information Technology)
- Start-up assistance Scheme
- Stand Up India
- STP Scheme (Software Technology Park)
- SPRS (Single Point Registration Scheme)
- SATYAM (Science and Technology of Yoga and Meditation)
- Scheme to Support IPR Awareness Workshops /Seminars in the E and IT Sector
- Scale-up Support for Establishing Incubation Centres
- Social Innovation programme for Products: Affordable & Relevant to Societal Health (SPARSH)
- SMILE (SIDBI Make in India Soft Loan Fund for Micro Small and Medium Enterprises)
- Revamped Scheme of Fund for Regeneration of Traditional
- Raw Material Assistance
- RGYI (Rapid Grant for Young Investigator)
- PRISM (Promoting Innovations in Individuals, Startups, and MSMEs)
- PMMY (PradhanMantri Mudra Yojana)
- Performance & Credit Rating Scheme
- NewGen IEDC (NewGen Innovation and Entrepreneurship Development Centre)
- NSTMIS (National Science & Technology Management Information System)
- NCEF (National Clean Energy Fund) Refinance
- Individual MSE (National Awards)
- MGS (Multiplier Grants Scheme)
- M-SIPS (Modified Special Incentive Package Scheme)
So, these are the implementations taken by the Indian Government on the government schemes for startups to take a hold on unemployment and give better job opportunities to the youth of India.
This move is taken by the government of India in order to eradicate unemployment. All these 26 government schemes for startups are working their way towards demolishing unemployment and making a new India.