PM Narendra Modi has launched Start-up India Action Plan on 16 January 2016. The plan is mainly focused on knowledge and technology guided upheaval in varied industries. Arun Jaitley, Finance Minister has announced around INR 10,000 Cr. Funds for the Start-up fund. Recent trends have in Start-up has been seen as the government grants for small business and initiate many schemes for the benefit of start-up schemes. These all schemes are focused on supporting new start-ups in India.
One can see the India ranks at the 3rd place after Britain and US in terms of start-ups. At present, there are around 4,400 technology start-ups in India. By 2020, it is expected to be over 12,000.
There are many start-up schemes in India for various sectors. Many of us are not aware of those schemes. while we are going to mention some of the top start-up schemes as below:
1. SIP-EIT:
The abbreviation stands for Support for International Patent Protection in Electronics & Information Technology.
This scheme is generated for economic backing for International filing in Information Communication Technologies and Electronics segment.
- Scheme details: It’s a Govt. of India scheme which provides financial support to Start-ups and MSME (Ministry of Micro, Small & Medium Enterprises) for funding for inventions, international patent filing, and leverage growth opportunities.
- Supporting Industry: IT services, analytics, enterprise software, technology hardware.
- Governing Authority: DEITY (Department of Electronics and Information and Technology).
- Incentives: Up to 15 Lakhs per invention or 50% of expenses (whichever is lesser)
The validity of the scheme is up to 30.11.2019.
2. MGS:
The full form of MGS is Multiplier Grants Scheme. The Govt.has launched this start-up to make an adjuvant bridge between academics and industry. the start-up was launched in May 2013.
- Scheme details: It aims to begin combined R&D between institutions & industry. It is the main driver which leads to the growth of ITES (IT Enabled Services) and IT companies.
- Supporting Industry: IT services, analytics, enterprise software, technology hardware.
- Governing Authority: DEITY (Department of Electronics and Information and Technology).
- Incentives: Max. 2 Crore per project within the time of fewer than 2 years. 4 Crore with 3 years for.
check the details on MGS
3. New Gen IEDC:
The name is telling the story. This start-up is launched to encourage the young generation. The actual name of the scheme is New Gen Innovation and Entrepreneurship Development Centre.
- Scheme details: These are encouraged in the educational institutions to develop to generate entrepreneur habits. It aims to raise technology driven & knowledge based start-ups by young generations.
- Supporting Industry: Chemicals, technology, hardware, healthcare & life sciences, aeronautics/ agriculture defence aerospace, food & beverages automotive, construction, nanotechnology; textiles & apparel etc.
- Governing Authority: New gen IEDC
- Incentives: It is limited to one-time financial scheme with a maximum limit of 25 Lakhs.
Check the details of the scheme.
4. ASPIRE:
This start-up scheme is also targeting to promote entrepreneurship & innovations in rural areas. As per Finance Minister’s version ASPIRE is the “District level Incubation and Accelerator Programme”. It is a proposed scheme of Rs. 200 crore.
- Scheme details: ASPIRE supports Argo industry which in turn leads to the development of rural economy. It is aimed to create business models that can generate rural employment in the local area and social influence.
- Supporting Industry: Agriculture, Pets & animals, health care & life sciences.
- Governing Authority: Steering Committee, Ministry of MSME.
- Incentives: According to the existence of incubator project.
5. SPRS:
SPRS stands for Single Point Registration Scheme. This scheme allows the Micro & Small Enterprises to participate in the Govt. purchase programs.
- Scheme details: This is a registration scheme. Those MSEs who are willing to register under SPRS can either contact NSIC office for registration or Register Online.
- Supporting Industry: Agnostic
- Governing Authority: National Small Industries Corporation (NSIC).
- Incentives: These are exempted from earnest money deposit i.e. get tender sets without cost.
6. Infrastructure Development scheme:
This scheme allots space to the IT/ITES/MSME units Who are not registered with STPI (Software Technology Parks Of India) Scheme. It is launched to solve the office space problems of MSMEs.
- Scheme details: It aims to solve the issues faced by MSMEs regarding space. One can also get office space on a lease rental basis from the NSIC.
- Supporting Industry: Agnostic
- Governing Authority: National Small Industries Corporation (NSIC).
- Incentives: Office space of 465 sq.ft. to 8,657 sq.ft. is provided.( on first come first serve basis) Deposit is given of six months’ rent refundable.
7. IC Scheme:
IC is the abbreviation of International Cooperation. Any Organization who is engaged at list three years in the activities to promote and develop the MSMEs can apply to this scheme.
- Scheme details: Travel and marketing expenditure regarding the development of MSME is supported by the Department. It makes a contribution towards making MSME capable of competing internationally due to resources and technology provided to them by Indian Govt.
- Supporting Industry: Travel & tourism, human resources, events and advertising.
- Governing Authority: Office of the Development Commissioner (MSME)
- Incentives: Depends on the organization category.
Conclusion:
The Indian government is taking initiatives for the innovations and start-ups. Even they simplified the legal steps like MSME Registration for the small start-ups. One can avail the benefit of these schemes by registering for Start-up India or download the Start-up India App. One can see the success of start-ups by seeing the success of Paytm, Ola, and Hike, Zomato etc. these inspire both the Government and the innovators to support and bring new ideas for start-ups.
