According to the government, start-ups are important in generating innovation and economic growth. Various ministries and departments have implemented programmes to assist start-ups financially, infrastructurally and regulatorily.
- Start-up seed fund scheme: In an effort to encourage relatively young businesses, the Indian government launched the Start-up India seed fund scheme in January 2021. Under the scheme, 3600 firms and 300 incubators would be funded with a total expenditure of 945 crores. This will allow these firms to advance to a stage where they might find funding from angel investors or venture capitalists or even apply for loans from commercial banks or financial institutions. The shortlisted business owners will receive finance of up to 5 crores.
- Atari Innovation Mission (AIM): The organisation created this project to foster innovation by creating new programs and policies to support the growth of a variety of economic sectors. Over a five-year period, AIM provides capital to approved enterprises for an amount of around 10 crores.
- Start-up India Initiative: This program offers tax advantages to business owners for just over five years. Over 500 enterprises have been recognised as of June 2021. In addition, it generates 5.5 lakh jobs.
- Ebiz Portal: It is the first G2B platform for business and government cooperation. This Infosys invention acted as a communication centre for all business investors and entrepreneurs and helped modernise India.
- Aatmanirbhar Bharat app Innovation: This scheme was introduced to inspire Indian start-ups to collaborate and produce products made in India for the benefit of people all over the world. This also drove IT and start-up firms to develop unique mobile applications in exchange for a substantial financial reward.
The goal of these schemes is to create a community and an environment where these start-ups can strive. So, if you’re looking to work on a start-up, knowing such a scheme would be beneficial during the early stages.
Done By: Sruthi Saravanan, Law student – University of Birmingham.