“These days we hear all around us, startup, startup, startup. It is true that this is the era of startups and it is also true that in the field of startups, in a way, India is leading the world,” says PM Modi.
Over the last few years, India has created a robust ecosystem for startups and entrepreneurs. The country is now home to the third-largest startup ecosystem in the world, according to the Economic Survey 2021-22 report released earlier this year.
Over 60,000 startups are operating in India, and the country now boasts over 100 unicorns. However, not all of them have the right resources to thrive in the ecosystem and create a strong presence.
The government in India actively supports startups and entrepreneurs by launching various programmes and initiatives to train as well as provide financial assistance, technical support, subsidies and other essential services to these entrepreneurs and startups to fuel their growth.
These initiatives play a vital role in the journey of these entrepreneurs in building their businesses and leaving a dent in the world. With government support, these startups get worldwide recognition and can attract foreign investors as well.
Here is the list of government schemes launched to create, develop, and encourage startups and entrepreneurs:
The SAMRIDH scheme is designed to enhance the startup accelerator ecosystem in India. It was launched by the newly appointed Minister of Electronics, Information, and Technology (MeitY), Ashwini Vaishnaw, which helps startups with development, growth, and product innovation.
It is designed to provide funding support to startups along with helping them bring skill sets together that will help them grow successfully.
The initiative aims to accelerate around 300 startups by providing them with investor connect, customer connect, and other opportunities for global expansion in the upcoming three years.
It is suggested that MeitY Startup Hub (MSH) act as the implementing agency for SAMRIDH. It will take equity in startups for the government’s contribution via SAFE/Promissory Note, just like an accelerator.
Multiplier Grant Scheme (MSG)
Initiated by the Department of Electronics and Information Technology (DeitY), the Multiplier Grants Scheme aims to empower collaborative research and development (R&D) among industry and institutions/academics for the development of products and packages.
The scheme aims to close the gap between R&D and proof-of-concept as well as globalisation and commercialisation. It also helps to boost the growth of indigenous goods and services and makes it happen faster.