Startups are the companies that are in their starting stage of business. A startup is a venture that is introduced by its founders around an idea or a problem with a potential for significant business opportunity and impact. For example, there is a company named ‘Urban Company’ where you can find independent contractors in one place. Startups make our job easier. The Government’s support for startups makes people attracted to startups.
In today’s era, the Government of India is focusing more and more on emerging startups. The Government has come up with new programs and opportunities for these companies to bring the best out of them and help them in their business. The Government’s support for startups to support the young generation, new entrepreneurship, and to foster a culture of innovation is generally seen. India has exceptional statistics in startups, which can possibly improve, raise business people and make occupations for the advantage of the Country and the world.
The Government of India has recognized the importance of innovative startups and women entrepreneurship. It helps in the Country’s growth and prosperity, generates employment, and gives equal opportunity to youth. Therefore, the Government helps the startups to generate funds for easier growth and expansion. The Government comes up with certain schemes to achieve the same. This is the Government’s support for startups. Given below are some of the few efforts of the Government to promote startups. These are the Government’s support for startups. They are:
Government’s Support for Startups
1) STARTUP INDIA
Through the startup India initiative, the Government encourages and supports entrepreneurship by mentoring, fostering, and simplifying startups throughout their life cycle. This Government’s support for startups was launched in 2016 itself, which successfully helped various potential startups in the Country. This Government’s support for startups provides for various methods to learn about startup growth in India. Also, the scheme created a ‘Fund of Funds, which helps startups in gaining funds. The main motive is to build an environment in which startups can flourish without any obstacles. The scheme comprises online recognition of startups, Startup India Learning Program, Facilitated Patent filing, Easy Compliance Norms, Relaxed Procurement Norms, incubator support, innovation-focused programs for students, funding support, tax benefits, and addressing of regulatory issues. This is the Government’s support for startups.
2) ATAL INNOVATION MISSION (AIM)
The objective of this scheme is to promote a culture of innovation and entrepreneurship. It serves as a stage for the promotion of world-class Modernization Hubs, Grand Challenges, startup businesses, and other self-employment events, predominantly in skill-driven areas. The Government’s support for startups helped in launching the Atal Tinkering Labs across the Country to bring innovation and creativity to the children at the school level. Another program set up by this scheme is Atal Incubation centers. This is also the result of the Government’s support for startups. The aim of these centers is to build innovative and sustainable startups and enterprises. This scheme provides for the required funding and infrastructure. This is the Government’s support for startups.
3) MAKE IN INDIA
This scheme was launched in September 2014. The scheme was created with the aim to renovate India into a global design and manufacturing center. The Government’s support for startups helped in replacing the outdated and obsolete frameworks with the latest and user-friendly approaches. This has encouraged and created trust in India’s capabilities among potential partners abroad, a business group inside the nation, and residents on the loose. This scheme has helped in acquiring investments, nurturing innovation, emerging skills, shielding intellectual property, and building the best manufacturing infrastructure. The Government’s support for startups makes it easier for people to invest their time and energy.
4) DIGITAL INDIA
The Government of India launched the Digital India initiative to modernize the economy of our Country and to make all government services available automatically. The main purpose of the scheme is to build a digitally empowered society and make goods and services universally accessible. In many parts of our Country, people are unaware of the latest technologies. Through this scheme, the Government wants people’s participation in the digital and financial space to increase the ease of doing business in the Country. This is the Government’s support for startups.
5) SUPPORT TO TRAINING AND EMPLOYMENT PROGRAMME FOR WOMEN (STEP)
This scheme was introduced by the Government of India’s Ministry of Women and child development. The chief purpose of the scheme was to educate and train the women who could have access to formal education, particularly focusing on the rural sector. This scheme was basically for the empowerment of women. It is to be noted that this scheme started 30 years back, and only recently have the guidelines of the scheme been redrafted, keeping in mind the present scenario. The Government’s support for startups helps women to prosper in various fields, including agriculture, food processing, horticulture, startups. This is the Government’s support for startups, especially for women.
6) PRADHAN MANTRI KAUSHAL VIKAS YOJANA (PMKVY)
The Ministry of Skill Development & Entrepreneurship has come up with this program with an aim to train the youngsters and inculcate industrial skills in them to increase employment opportunities. The Government’s support for startups includes the training and assessment fees that are completely sponsored by the Government. This is the Government’s support for startups.
The startups’ registration process was made flexible and easy in 2016 by the Government by coming up with DIPP registration (Department of Industrial Policy and Promotion).
Listed above are the few important initiatives of the Government of India to promote proper growth and expansion in startups. In recent years, the Government has come up with 50+ schemes to encourage startups in India as they boost the Indian economy. This is the Government’s support for startups. To get the benefit of these schemes, there are certain formalities that need to be completed, and here comes the role of the expert. Expert Lawyers can make the task easier and more efficient.