India is home to more than 40,000 start-ups as per the Startup India portal. This entrepreneurial boost is aided by many governmental schemes that aim to drive the wave further to grow and nourish the start-up ecosystem in the Indian economy.
Start-ups in different sectors, including travel and hospitality, food, education and training, retail, e-commerce, fintech, and AgTech, have gained momentum due to increased funding and supportive policies.
Start-up Schemes by Government to Boost the Startup Ecosystem
Launched on 16th January 2016, it works under the aegis of the Department of Industrial Policy and Promotion. The scheme utilises tax exemptions, incubation centres, and academic-industry mergers to increase morale and guide budding entrepreneurs.
ASPIRE – A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship
The ASPIRE scheme aims to improve rural India’s economic scenario by launching plans to support the less fortunate. ASPIRE project falls under the MSME ministry, and it targets to enlarge the innovation and development primarily in the agro-industry.
Dairy Processing and Infrastructure Development Fund
Launched in December 2017, the Dairy Processing and Infrastructure Development Fund (DPIDF) is a fund structure under NABARD where the principal businesses of milk production, milk unions, etc. are supported.
Support for International Patent Protection in Electronics & Information Technology
Support for International Patent Protection in Electronics & Information Technology (SIP-EIT) focuses on international filing, protocols, and reimbursement schemes for start-ups.
Multiplier Grants Scheme
Started under the Department of Electronics and Information technology, the Multiplier Grants Scheme connects businesses and academicians to support a potential developed product for commercial launch.
We are launching a ₹1,000 crore startup India seed fund to help new startups grow in the country. We are trying to create a startup system which is based on the mantra 'of the youth, by the youth, for the youth'", PM Modi said at Startup India’s International Summit- Prarambh, 2021
Credit Guarantee Scheme for Start-ups
Generally recognised as CGSS, this is one of the key startup schemes by Government. It concentrates on providing financial security to micro and small industries. It grants loans with zero collateral, with extra help in the form of subsidised interest rates.
The Micro Units Development Refinance Agency (MUDRA) Bank is a credit facility that promotes rural start-ups. The bank falls under the Pradhan Mantri Mudra Mudra Yojana, where it gives loans of Rs 10 lakh to small enterprises without any collateral pledge.
Ministry of Skill Development and Entrepreneurship
The ministry feeds to the start-up ecosystem and continuously organises skill development sessions, tutorials, events, and seminars while also tracking gap funding.
Atal Innovation Mission
Setup by Niti Aayog, this mission aims to create cooperation between state, central, and local modification schemes and administer the entrepreneurial spirit from schools to corporates.
Launched in 2013, e-Biz is a unique portal that allows Government-to-Business interactions (G2B). It is a combined mission mode project which targets to collate and connect more than 200 different services on one online platform.