Ready to launch your own business? Don’t miss out on these ten stellar government schemes designed to help budding entrepreneurs realise their dreams!
India is experiencing a surge in startup businesses, the likes of which have never been seen! Thanks to the Startup India Standup India action plan implemented by Indian Govt. in 2016, entrepreneurs now have unprecedented access to resources and tools that make it easier for them to grow their businesses. Now more than ever before is the perfect time for ambitious Indians looking to start or expand a business venture!
How India Is Rising?
On February 8th, 2023 the Government expressed its gratification as the number of registered startups has drastically grown from 445 in 2016 to a whopping 86 thousand 713 by 2022.
Minister of State for Commerce and Industry Som Prakash proudly noted that 10,000 start-ups have been established within the Information Technology sector alone – followed closely by 8,000 start-ups situated in Healthcare and Life Science fields.
Best Government Schemes For Startups
Here are the best government schemes every entrepreneurial-minded person should know about:
Pradhan Mantri MUDRA Yojana (PMMY)
This scheme provides loans of up to 10 lakhs for micro-enterprises. PMMY is a revolutionary scheme that was created to provide startups and MSMEs with access to loaned capital and financing. From 2015, eligible applicants can use this program for the opportunity to receive loans of up to 10 lakhs to support their enterprise’s growth.
This comes with an extended repayment period of five to seven years, so entrepreneurs have plenty of time to pay back these funds without any stress or worry!
The Pradhan Mantri MUDRA Yojana (PMMY) offers three loan categories to eligible individuals and businesses.
Shishu – Up to 50,000
Kishor -Up to 5 Lakhs
Tarun – Between 5-10 Lakhs
To be eligible for this scheme, startups must engage in trading, manufacturing, services, or any other non-agricultural business.
Stand Up India Scheme
This scheme provides loans of up to 1 crore for business units owned by SC/ST and women entrepreneurs.
The Stand Up India Scheme provides bank loans between 10 lakh and 1 crore to at least one Scheduled Caste/Scheduled Tribe borrower as well as a female entrepreneur per branch, for the launch of greenfield businesses in manufacturing, services, or trading.
For non-individual enterprises, it is mandatory that either an SC/ST or Woman business owner holds 51% shareholding and controlling stake. This flexible loan repayment scheme is exclusively available to first-time entrepreneurs and allows up to seven years of repayment.
Pradhan Mantri Employment Generation Programme (PMEGP)
The PMEGP facilitates the setting up of new small businesses in rural and urban areas. The Ministry of Micro, Small, and Medium Enterprises has greenlit the PMEGP Scheme for another five years-from FY 2021-2026. This program is overseen by KVIC, acting as a numero uno agency on the state level.
The State Director of the specified state is sanctioned to oversee, manage and implement every aspect of BFL as well as attend various conferences and workshops.
Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGFSME)
This scheme provides credit guarantees to micro and small enterprises. The CGTMSE scheme can unlock doors of opportunity for businesses, educational institutions, self-help groups, retailers, and hardworking farmers to secure collateral-free loans up to INR 1 crore.
This incredible initiative helps MSMEs and selected startups unlock their potential by providing them with the financial resources needed for growth!
Prime Minister’s Rozgar Yojana (PMRY)
The PMRY assists in setting up new businesses, expanding existing ones, and providing employment opportunities.
Prime Minister’s Rozgar Yojana (PMRY) is an employment scheme launched by the Government of India in 1993. It aims to provide self-employment opportunities to educated unemployed youth below the age of 35 years.
Under PMRY, the government provides loans to aspiring entrepreneurs and helps them set up their businesses with marketing, technical, and financial assistance. The scheme also provides for the verification of applications, creditworthiness, and provision of training and counseling to ensure sustainable success.
Startups Government Schemes Benefits
The Indian Government’s Startup Schemes provide a variety of advantages, ranging from financial aid to mentorship. Here are the key benefits you’ll reap when taking advantage of these incredible government schemes:
- Access to a range of government grants, subsidies, and tax incentives
- Connections with local business support organizations
- Practical advice on setting up and running the business
- Access to networking events & useful contacts
- Opportunity to take the business to national & international markets
Bottomline
One of the most attractive features of the ‘Startup India Standup India initiative is that it offers several government schemes which provide financial assistance to small businesses. Take your business to the next level by showcasing it on a global scale! Leverage national and international markets for maximum exposure.
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These top ten government schemes are excellent resources for budding entrepreneurs looking to launch their own businesses! So don’t miss out on the opportunity to take advantage of these schemes and make your business dreams come true!
After all, a little help from the government can go a long way in making your entrepreneurial journey successful. So get out there and start chasing your dreams now!
