Govt Schemes For Indian Entrepreneurs

    Pradhan Mantri Mudra Yojna

    India has recently made up for losses caused by a pandemic that impacted every industry, including health, education, aviation, real estate, and tourism. The Indian government is successfully implementing policies to support Indian entrepreneurs by offering them technical support, financial assistance, and a framework for discounted company operations. As per the Economic Survey 2021–22 report, India has the third-largest startup ecosystem worldwide.

    Below is a list of government schemes that are supporting Indian startups:

    1.   Pradhan Mantri Mudra Yojana

    An NBFC called Micro Units Development, and Refinance Agency Ltd. [MUDRA] promotes the growth of the nation’s microbusiness sector. In this plan, Micro Units Development and Refinance Agency Banks, also known as MUDRA Banks, lend money at low-interest rates to nonbanking and microfinance organisations, lending money at cheap interest rates to start-ups and MSMEs.

    Objectives of the Scheme

    • To restructure lenders’ loans made to small borrowers without collateral.
    • To provide MSMEs with affordable credit.

    2.   SAMRIDH Scheme

    The MeitY SAMRIDH Scheme was developed by the Ministry of Electronics and Information Technology to offer financial support to software entrepreneurs with creative solutions and a working prototype for their products. The SAMRIDH scheme aims to support businesses financially while also assisting them in bringing together the skill sets necessary for their long-term success.

    Long-term success can be brought by solutions like customer engagement, as in McDVoice.

    Objectives of the Scheme

    • According to their current worth and growth stage, the government would fund businesses up to Rs 40 lakh through accelerators under this scheme.
    • This program will be broken up into 40 cohorts and will support about 300 innovative companies.
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    3.   Credit Linked Capital Subsidy for Technology Upgradation

    The government knows that technology can help Indian entrepreneurs and MSMEs compete globally. Under this scheme, the Indian government offers a 15% subsidy for investments up to Rs 1 crore in technology upgrades for startups and MSMEs. The government program covered more than 7,500 goods and services.

    Objectives of the Scheme

    • ●       The Scheme’s objective is to deliver upfront capital subsidies to small-scale industries (SSI), including small, khadi, rural, and coir industrial units, to support technical advancement.

    4.   Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)

    The Indian government started the Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGS) to provide collateral-free credit to the micro- and small-enterprise areas. Present and new businesses can apply to have their operations enclosed by the program. A collateral-free loan of up to Rs 1 crore to qualified startups and MSMEs.

    Objectives of the Scheme

    • To strengthen the loan delivery system and facilitate credit flow to the MSE sector.
    • To make financing from traditional lenders available to a new generation of entrepreneurs.

    5.   Financial Support to MSMEs in ZED Certification Scheme

    ZED Certification is a program that aids micro, small, and Medium-Sized Businesses (MSMEs) in achieving Zero Defect and Zero Effect (ZED) production. It also offers ZED Assessment for certification, which encourages the production of top-notch goods. Information on services can also be asked by clients, e.g., from TalkToWendys. To guarantee that their products have no flaws, the government program will offer financial help and the necessary tools and technologies to ensure that their products have no defects.

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    Objectives of the Scheme

    • Encourage and assist MSMEs in producing high-quality goods with the latest tools and technologies.
    • Create an ecosystem with zero defects, improving competitiveness and facilitating exports of MSMEs with Zero Effect Manufacturing.