The Government of India has implemented several initiatives and schemes to support and nurture budding entrepreneurs in the country. Here are some of the facilities provided by the government:
- Start-Up India: This is a flagship initiative of the Government of India to promote and support startups in the country. The initiative offers various benefits such as tax exemptions, funding, mentorship, and networking opportunities.
- Mudra Loans: Under the Pradhan Mantri Mudra Yojana, the government provides loans up to Rs. 10 lakhs to micro and small enterprises without any collateral security. These loans can be availed for starting a new business or expanding an existing one.
- Atal Innovation Mission: This is a government initiative aimed at promoting innovation and entrepreneurship among young people. The initiative offers mentoring, incubation, and funding support to startups and provides access to state-of-the-art research facilities. Under this scheme, 68 Atal Incubation Centres were established across 18 states and 3 UTs which have supported more than 2700 startups.
- National Small Industries Corporation (NSIC): The NSIC provides technical, financial, and marketing assistance to small and medium enterprises in India. The corporation also offers training programs and conducts vendor development programs.
- Credit Guarantee Fund Scheme for Micro and Small Enterprises: Under this scheme, the government provides collateral-free credit to micro and small enterprises through lending institutions.
- Technology Development Board: The Technology Development Board offers financial assistance to entrepreneurs for developing and commercializing indigenous technologies.
- Cluster Development Program: This program aims to enhance the competitiveness of small and medium enterprises by providing support for the development of industry clusters.
- Export Credit Guarantee Corporation of India: The corporation provides export credit insurance cover to exporters against payment risks. This helps in promoting exports from the country and provides a financial safety net to exporters.
These are just a few of the facilities and initiatives provided by the government to support and nurture budding entrepreneurs in India. The government is continuously implementing new schemes and programs to create a conducive environment for entrepreneurship in the country.
Dr. Irshad Ahmod Khan
Executive Director
Swatantrra Sahayak Foundation, Bhopal
