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The Government of India (GoI) and governments of several states have introduced schemes to finance and support startups. The GoI formulates provisions to alleviate the conditions of startups in its financial budget. Government schemes can be availed by startups if they fall under the definition of a startup provided by the GoI. The process of recognition as a “startup” can be availed through an online application.
Following are some of the important schemes launched by the GoI to assist startups in sustaining growth and marketability:
Headed by: Department of Science and Technology
NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC) has been launched to “promote knowledge-based and technology-driven startups by harnessing young minds and their innovation potential in an academic environment. With this, job seekers become job generators. It is a five-year project to be implemented in education institutions. The NewGen IEDC is being promoted in educational institutions to develop an institutional mechanism to create an entrepreneurial culture in S&T academic institutions and to foster techno-entrepreneurship for generation of wealth and employment by S&T persons. As of now, there are a total of 40+ EDCs and 35 IEDCs in different states.
Eligibility: The parent institution should have required expertise and infrastructure. This includes a minimum dedicated space of about 5,000 square feet to establish a NewGen IEDC, library, qualified faculty, workshops, etc.
Funding: The NSTEDB startup scheme by the GoI will provide a limited, one-time, non-recurring financial assistance on year-to-year basis, up to a maximum of 25 lakh INR. Also, non-recurring grants would be provided for supporting working capital cost.
More information: http://www.newgeniedc-edii.in/
Name: Mr. S. B. Sareen
Address: Department of Science and Technology, P.O. Bhat 382 428, Dist. Gandhinagar, Gujarat, India.
E-mail ID: firstname.lastname@example.org
Phone No: +91-79-23969151
Headed by: Ministry of Engineering and Technology
In order to attract investments in electronic manufacturing, the Modified Special Incentive Package Scheme has been launched. The incentive will be for the manufacturing of semi-conductors and eco system displays like LCD, OLEDs, storage devices, solar cells etc.
Eligibility: New or existing expanding projects engaged in electronic manufacturing.
Funding: The scheme provides capital subsidy of 20% to SEZ and 25% to non-SEZ for enterprises engaged in electronic manufacturing. Reimbursement of excise duty for capital equipment in non-SEZ units or CVD is also provided. The scheme is available for those categories where investment threshold is of 1 crore INR to 5000 crore INR.
More information: https://meity.gov.in/esdm/incentive-schemes
Name: Dr. A. K. Garg, Scientist
Address: Ministry of Electronics and Information Technology, (Government of India), Electronics Niketan, 6, CGO Complex, Lodhi Road, New Delhi-110003
E-mail ID: email@example.com
Phone No: +91-11-24364799
Headed by: Ministry of Micro, Small and Medium Enterprises
The credit is granted to small and micro enterprises as it is these enterprises that do not find timely availability of credit. It is available to both new and existing enterprises. The maximum guarantee cover available is 85% of the sanctioned credit facility. The guarantee cover is for agreed tenure of term loan. In case of working capital, cover is for 5 years or block of 5 years.
Funding: The credit facility covers both term loan as well as working capital facility up to 1000 crore INR per borrowing unit. The guarantee is extended to both new and existing enterprises without any collateral security or third-party guarantee.
More information: https://dcmsme.gov.in/schemes/sccrguarn.htm
Name: Sh. Piyush Srivastava (ADC)
Address: Ministry of Electronics and Information Technology, Electronics Niketan, 6, CGO Complex, Lodhi Road, New Delhi-110003
E-mail ID: firstname.lastname@example.org
Phone No: +91-11-23062694
Headed by: Ministry of MSME through National Small Industries Corporation (NSIC)
Small-scale industries occupy an important position in the development of our economy. Credit rating SSI will encourage them to increase productivity as good credit rating will enhance their acceptability in market. Rating agencies have different schemes to rate different SSIs. All recognised MSMEs are eligible for the scheme.
Eligibility: Recognised MSMEs
Funding: This scheme seeks to establish independent, trusted third party opinion on capabilities and credit-worthiness of MSEs and makes credit available at attractive interest rates ensures better productivity. Under this scheme (as per the turnover of the MSE) a percent of Rating Agency charges is reimbursed by Ministry of SSI. Fee to rating agency is based on turnover of the SSI. The turnover of SSI is categorised into three slabs. Based on the slab into which the SSI falls, specific percent of rating fee can be availed from ministry.
More information: https://www.startupindia.gov.in/content/sih/en/government-schemes/performance_and_credit_rating_scheme.html
Address: Ministry of Micro, Small and Medium Enterprises Udyog Bhawan, Rafi Marg, New Delhi-110001
E-mail ID: email@example.com
Phone No: +91-11-23063288/23063643.
Headed by: National Small Industries Corporation (NSIC)
The objective of the scheme is to help MSMEs to procure raw materials by financing. Both indigenous as well as imported materials are covered under the scheme. This helps MSMEs improve product quality.
Eligibility: Entrepreneurs of micro, small and medium scale industries having Udyog Aadhar are eligible.
Funding: MSMEs are helped to avail cash discounts and bulk purchases. The financial assistance is up to 180 days. The rate of interest varies based on type of industry (Micro/small/ Medium) and the outstanding dues over specified number of days.
More information: https://nsic.co.in/Schemes/Raw-Material-Against-BG.aspx
Address: The National Small Industries Corpn. NSIC Bhawan, Okhla Industrial Estate, New Delhi – 110020, India
E-mail ID: firstname.lastname@example.org
Phone No: +91-11-26926275/26926370
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