Startup Boost 2024:- As we are well aware, the Indian government consistently places the well-being of its citizens at the forefront of its priorities. A pivotal initiative in this direction is the Startup India program, embodying the government’s commitment to bolster startups and entrepreneurs across the nation. The primary objective is to establish a resilient ecosystem that nurtures innovation and safeguards the interests of startups in India. This initiative not only holds the promise of generating substantial employment but also serves as a catalyst for the economic advancement of the country. In alignment with these efforts, the government has introduced the “Aatmanirbhar Bharat” mission and the “Make In India” Program, envisioning India as a global hub for manufacturing and design exports. Startup Boost 2024.
As of now, India proudly holds the position of the third-largest startup ecosystem worldwide, boasting a remarkable presence with over 100 unicorns and a thriving community of more than 60,000 startups. The credit for this remarkable success is attributed to the government’s unwavering support, marked by the launch of various schemes and programs tailored to empower startups and entrepreneurs. Startup Boost 2024 In this article, we will cover some schemes that are launched for the benefit of entrepreneurs.
Top 8 Schemes
ASPIRE:- A Scheme For the Promotion Of Innovation, Rural Industries, and Entrepreneurship
This initiative was introduced with the objective of establishing a comprehensive network of technology and incubation centers throughout India, particularly focusing on promoting entrepreneurship and fostering innovations to address social needs within agro-based business industries. The scheme is designed to offer financial support for the establishment of livelihood business incubators and technology incubators. Successful applicants stand to benefit from a one-time grant covering 100% of the costs associated with plant and machinery, in addition to support for land, infrastructure, or a monetary grant of up to INR 100 lakhs.
Startup India Seed Fund Scheme
This government initiative, launched in January 2021, aimed at providing crucial support to nascent enterprises. With an estimated budget of 945 crores, the scheme targeted benefiting approximately 3600 businesses and 300 incubators. Eligible entrepreneurs were set to receive funding amounting to 5 crore rupees for their new startups. The startups, in turn, would be eligible for grants, receiving up to 20 lakhs for concept development or demonstrations and up to 50 lakhs for the expansion of their goods or services.
Startup India Initiative
As of June 2021, this startup scheme has successfully confirmed the status of over 50,000 firms across the country. Over the past 5 years, the initiative has offered tax benefits to entrepreneurs, resulting in the creation of nearly 5 lakh job opportunities. The scheme incorporates specific age criteria for startups, with the maximum age set at 7 years for the majority of eligible startups and extending to 10 years for biotechnology companies from their date of establishment. The remarkable benefits provided by this scheme have positioned it as a standout government-sponsored initiative within the Startup India framework, garnering acclaim from business owners.
Aatmanirbhar Bharat App Innovation Challenge
Introduced in July 2020, this scheme served as a catalyst for Indian startups to collaborate and devise innovative solutions that contribute to the nation. It aimed to harness the collective potential of startups for the greater benefit of the citizens. Furthermore, the scheme motivated technology companies to develop cutting-edge mobile applications by offering substantial cash prizes. Notable applications such as Chingari (a TikTok alternative), Your Quote (a writing app), and Koo (an equivalent to Twitter) secured prizes of 20 lakh, 15 lakh, and 10 lakh respectively, emphasizing the scheme’s role in promoting indigenous technological advancements.
eBiz stands as a pioneering online platform, marking a significant stride in fostering government-to-business collaboration (G2B). Conceived and developed by Infosys, this portal plays a pivotal role in the modernization of the nation and functions as a centralized communication hub for business investors and entrepreneurs across India. Currently operational in five distinct Indian states, namely New Delhi, Tamil Nadu, Andhra Pradesh, Haryana, and Maharashtra, the platform has successfully introduced 29 services. The government expresses its intent to further expand and enhance the range of services offered through this portal in the near future, reinforcing its commitment to streamlining and advancing business interactions in the country.
Software Technology Park
The Software Technology Park system operates with a sole focus on facilitating 100% export-oriented activities. Originally conceptualized to boost the export of computer software and technical services, this system encompasses the utilization of both physical media and communication infrastructure. The primary objective remains the promotion and facilitation of software exports through a comprehensive framework designed to harness both technological and communication channels.
Diary Processing And Infrastructure Development Fund (DIDF)
This endeavor plays a pivotal role in ensuring the sustained competitiveness of dairy cooperatives, ultimately benefiting the farmers over the long term. The government’s announcement of the establishment of the Dairy Processing and Infrastructure Development Fund, earmarked with an anticipated budget of 11,184 crores rupees, underscores its commitment to fortifying the dairy sector. Eligible entities under this initiative encompass Milk Producing Businesses, multi-stake milk cooperatives, state dairy federations, and NDDB subsidiaries. The initiative is poised to provide substantial support to these entities, contributing to the enhancement and development of dairy processing and associated infrastructure.
MUDRA, which stands for Micro Units Development Refinance Agency, plays a crucial role in extending financial support and fostering the growth of small businesses in rural areas. The primary objective of this scheme is to empower small businesses across the nation that aspire to expand. MUDRA banks facilitate loans to non-farm, micro-enterprises, and non-corporate small businesses, offering financial assistance of up to 10 lakhs rupees. The loan categories are distinctly labeled as Tarun, Shishu, and Kishor, each tailored to cater to the specific needs and growth stages of small enterprises. This initiative is geared towards propelling the growth and sustainability of small businesses, contributing to their success and development.