Startup India! Here Are 5 Govt Schemes That Are Making Startups Space Robust

Recently, the country has recovered from losses from a pandemic that affected every sector, including health, education, aviation, real estate and tourism. The Government of India is effortlessly putting down measures to aid the Indian startups by providing them with technical support, financial assistance and a subsidised business operation system.

According to the Economic Survey 2021-22 report, India has the third-largest ecosystem for startups in the world. A government report also shows that around 50,000 startups are thriving in the ecosystem to make a strong presence.

Unicorns Of India

The government schemes and initiatives to aid the startups play an essential role in leaving a footprint globally. A report by Invest India reveals that as of May 5, 2022, the country is home to 100 unicorns with an overall business valuation of $332.7 Bn.

In 2021, 2020, and 2019, India saw the establishment of the most numbers of unicorns, with 44, 11, and 7 unicorns being born every year, respectively.

Government Scheme For Startups

Startup India: The Government of India's flagship initiative, Startup India, is one of the largest government schemes to provide aid to startups. On January 16, 2016, Prime Minister Narendra Modi started this scheme to robust the startup ecosystem. Around 50,000 startups are registered under this scheme.

A benefit of several Startup India schemes is the three-year tax exemption. The government has also allocated a Rs 10,000 crore budget for startups in India. Under the scheme, the government also allowed startups with no experience to apply for government tenders.

SAMRIDH Scheme: The scheme was launched by the Minister of Electronics, Information, and Technology (MeitY), Ashwini Vaishnaw, to accelerate the startup ecosystem in India with product innovation, development and growth. The SAMRIDH scheme also provides financial assistance to startups and helps them in skill training to grow strongly.

NewGen IEDC: The National Science and Technology Entrepreneurship Development Board under the Department of Science and Technology, Government of India (GoI), launched this initiative. This government scheme came into existence to inculcate the spirit of entrepreneurship and to promote innovation through guidance, support and mentorship.

MGS: The Multiplier Grants Scheme is an idea of the Department of Electronics and Information Technology (DeitY) to push the collaborative Research & Development (R&D) industry and institutes. The scheme has a total fund of Rs 36 crore for universities, incubators, and startups.

Startup India Seed Fund Scheme: The scheme was brought to existence by the Government of India for pre-mature startups. The scheme holds a total fund of Rs 945 crores, and it's expected to fund around 3600 startups.

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