Government policies to help startups in India are a lot more than what you would expect. The government of India in its pursuit to improve the ease of business has done a lot more than just simplifying things like challan format or other forms of paperwork. The government has decided to offer financial assistance to startups that are trying to create new jobs, new companies and new technologies. This way, the government aims to make India an investment destination for foreign funds and encourage businesses to come up with innovative products which can change the world. In this article, we have compiled a list of the various Government Schemes for Startups in India. These policies help startups grow and expand their footprint in the Indian market.
- Aatmanirbhar Bharat App Innovation Challenge
The Aatmanirbhar Bharat App Innovation Challenge is a competition in which students from across the country are invited to participate and create innovative apps based on various topics, such as agriculture, health, education, and business. The best ideas will be selected for a cash prize of Rs 10 lakhs.
- Startup India Seed Fund
The Startup India Seed Fund is a government program that aims to promote entrepreneurship among youth by investing in startups with promising ideas that can make an impact on society. The program provides funding up to Rs 30 lakhs per startup, making it one of the most generous seed funding programs available worldwide today.
- Startup India Initiative
The Startup India initiative is a government program to promote and develop the startup ecosystem in India. It aims to make India a global hub for startups, by creating a conducive environment for new entrepreneurs and supporting them through incubators, accelerators, job creation, mentoring and skill development.
- Startup Leadership Program
The Startup Leadership Program is a three-month-long program run by the Department of Industrial Policy & Promotion (DIPP) to support startups through various channels including mentorship, workshops, funding and guidance. The program also provides access to government schemes such as UBI-Aadhaar, Jeevan Jyoti Bima Yojana (JJBY), Health Insurance Scheme (HIS) etc., which can be availed by startups. The Startup Leadership Program (SLP) is an initiative by the government of India to help startups scale up their business and gain global recognition. SLP was originally launched by the Department of Industrial Policy & Promotion (DIPP) under the Ministry of Commerce and Industry as part of its effort to promote startups in India through various initiatives like Start-up India, Make In India etc.
Chunauti is an online marketplace platform where entrepreneurs can sell their products to buyers across India at competitive prices by providing them with an online platform from where they can purchase any product from anywhere in India; this also includes a mobile app, which helps buyers and sellers communicate with each other securely and conveniently, etc.
- Pradhan Mantri Mudra Yojana (PMMY)
The PMMY was launched in 2016 with the objective of providing support to small enterprises, particularly those engaged in the manufacturing and processing of goods, which will help them to start their business. The scheme provides loans up to Rs 1 crore at a subsidized interest rate of 0.5 per cent per annum. The loan size may be increased up to Rs 3 crore when the borrower is not already a micro or small enterprise; has a turnover under Rs 10 lakhs per annum, or has a net profit after tax of not more than Rs 1 crore per annum after tax, or has net working capital of not more than 3 months average monthly sales revenue. This scheme is frequently updated with respect to other government rules like upi transaction limit 2022. You can visit Khatabook to learn about various government regulations in detail.
This way, the government aims to make India an investment destination for foreign funds and encourage businesses to come up with innovative products which can change the world. As an example you can take the company Mostbet, it is an international betting company that invests in Indian sports. Mostbet management believes that the popularization of betting in India will make sporting events much more interesting, and broadcasts are free. By the way, to watch cricket broadcasts for free, you can download Mostbet on your mobile device. Making bets at the same time is not necessary at all. In this article, we have compiled a list of the various Government Schemes for Startups in India. These policies help startups grow and expand their footprint in the Indian market.