Exploring the Top Government Schemes for Entrepreneurship Development in India
Entrepreneurship is the backbone of any economy. In India, the government recognizes this fact and has come up with numerous schemes to encourage entrepreneurs. According to the Global Entrepreneurship Index, India ranks 68th out of 137 countries. To improve this ranking, the Indian government has implemented several schemes that cater to different aspects of entrepreneurship development. Here are some of the top government schemes for entrepreneurship development in India:
Pradhan Mantri Mudra Yojana
The Pradhan Mantri Mudra Yojana was launched in 2015 and aims to provide financial support to micro and small businesses. This scheme offers loans of up to Rs. 10 lakhs to entrepreneurs through various financial institutions such as banks, MFIs, and NBFCs. The loans are categorized into three categories – Shishu, Kishore, and Tarun – based on the stage of business and the loan amount required. The scheme has helped millions of entrepreneurs to start and expand their businesses.
Stand-up India Scheme
The Stand-up India Scheme was launched in 2016, with the aim of promoting entrepreneurship among women and SC/ST communities. Under this scheme, loans ranging from Rs. 10 lakhs to Rs. 1 crore are provided to entrepreneurs to start or expand their businesses. The scheme also provides hassle-free loans without any collateral security. The scheme has disbursed over 1,16,000 loans to date.
Startup India Scheme
The Startup India Scheme was launched in 2016 to promote entrepreneurship and innovation in the country. The scheme provides various benefits such as tax exemptions, funding, and mentorship to eligible startups. The scheme aims to simplify the regulatory process and reduce the burden on startups. The scheme has helped over 50,000 startups to date.
Technology Development Board
The Technology Development Board (TDB) was launched in 1996, with the aim of promoting the development and commercialization of indigenous technology. The TDB provides financial assistance to startups and entrepreneurial ventures in the form of equity, soft loans, and grants. TDB has funded over 2000 projects, including the development of indigenous technology for renewable energy, biotechnology, and information technology.
National Small Industries Corporation
The National Small Industries Corporation (NSIC) was established in 1955 to promote the growth of small businesses in the country. NSIC provides various services such as raw material assistance, marketing assistance, and technology support to small businesses. The scheme has helped several businesses to become self-sustainable and move up the value chain.
In conclusion, the Indian government has implemented several schemes that provide various benefits to entrepreneurs. These schemes help entrepreneurs to overcome the challenges faced during the inception, growth, and expansion of their businesses. The government’s initiatives have helped create a conducive ecosystem for the growth of entrepreneurship in the country and have played a crucial role in making India a hub for startups.
