"We hear start-up, start-up, start-up all the time these days. It is true that this is the age of start-ups, and it is also true that India is leading the world in this sector in certain ways "PM Modi remarks. India has developed a strong start-up and entrepreneur environment in recent years.
According to the Economic Survey 2021-22 study issued earlier this year, the country currently has the world's third-largest start-up ecosystem. In India, approximately 60,000 businesses are active, and the country presently has over 100 unicorns. However, not all of them have the necessary resources to grow and establish a substantial presence in the ecosystem.
The Indian government actively promotes start-ups and entrepreneurs by developing a variety of programmes and efforts to teach them as well as providing financial aid, technical support, subsidies, and other critical services to help them flourish.
These programmes are critical to help these entrepreneurs develop their firms and make a difference in the world. These businesses get international exposure and can attract foreign investors with government help.
The following is a list of government initiatives intended to promote, develop, and encourage start-ups and entrepreneurs:
SAMRIDH Scheme
The SAMRIDH scheme aims to improve India's startup accelerator environment. It was founded by Ashwini Vaishnaw, the newly appointed Minister of Electronics, Information, and Technology (MeitY), to assist entrepreneurs with product development, expansion, and innovation.
Its goal is to help businesses secure finance while also assisting them in putting together skill sets that will enable them expand effectively.
In the next three years, the project seeks to accelerate roughly 300 businesses by connecting them with investors, customers, and other worldwide development prospects.
NewGen IEDC
The NewGen Innovation and Entrepreneurship Development Centre, launched by the National Science and Technology Entrepreneurship Development Board under the Department of Science and Technology, Government of India (GoI), aims to instil the spirit of entrepreneurship and innovation through mentorship, support, and guidance.
This is a five-year programme offered through educational institutions. Up to 20 new initiatives will be supported by the initiative. A cash grant of up to Rs 25 lakh and a recurring expenditure of up to Rs 10 lakh will be awarded to the chosen institute.
Students will be encouraged to participate in innovative projects with the potential for commercialization under this scheme.
Dairy Entrepreneurship Development Scheme
DEDS (Dairy Entrepreneurship Development Scheme) is a project run by the Department of Animal Husbandry, Fisheries, and Dairying to encourage people to work for themselves in the dairy industry.
These opportunities would include operations like improving milk production, transportation, procurement, processing, preservation, and marketing by providing back-end funding for bankable projects worth 25% of the total project cost for general applicants and 33.33 percent for SC/ST farmers.
The initiative intends to modify the structure of the unorganized sector and guarantee that the initial milk processing occurs in villages.
Single-Point Registration Scheme
The National Small Industries Corporation introduced the SPRS (Single Point Registration Scheme) in 2003. (NSIC). MSEs (Micro and Small Enterprises in India under SPRS) are registered with NSIC in order to participate in government procurement.
Based on the amount of capital invested, these businesses are classified as micro, small, or medium. A Udyog Aadhar registration certificate is given to eligible MSME entities. Over 358 goods are earmarked for MSMEs to purchase exclusively.
PSUs and central ministry departments must set an annual aim of acquiring MSMEs for at least 20% of their total yearly expenditures.
