Union Budget 2018: Five Government Schemes for Young Entrepreneurs You Must Know About!

With a country that is marred by unemployment since independence, the Start-up culture has been welcomed with open arms by the Indian Government. Individuals who take up to Entrepreneurship generate manifold employment opportunities for others, are able to convince foreign VCs to invest in their idea and create ripples of success through their disruptive products and services boosting economic growth. To support and strengthen the Start-up culture in India, the Government has launched various schemes in the past few years. Let’s take a look at 5 such government schemes for start-ups that every young entrepreneur must be aware of, to take advantage and plunge into the entrepreneurship pool:
1. Modified Special Incentive Package Scheme (M-SIPS)
The M-SIPS scheme provides capital subsidy of 20% in SEZ and 25% subsidy in non-SEZ for business units engaged in manufacturing of electronics in the fields of the Internet of Things, aeronautics/aerospace & defence, automotive, renewable energy, non-renewable energy, technology, green technology and nanotechnology.
2. NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC)
NewGen IEDC provides a limited one-time, non-recurring financial assistance to entrepreneurs up to ₹25 Lakhs in the fields of chemicals, technology hardware, healthcare & life sciences, aeronautics/aerospace & defence, agriculture, AI (artificial intelligence), AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fin-tech, Internet of Things, nanotechnology, social impact, food & Beverages, pets & animals, textiles & apparel.
3. Dairy Entrepreneurship Development Scheme
Dairy Entrepreneurship Development Scheme aims at helping entrepreneurs in the field of Agriculture, pets & animals, and social impact to set up small dairy farms and incentives are provided to cover the cost of the required equipment or establishment of the facility.
4. Single Point Registration Scheme (SPRS)
A great scheme for Micro and Small Enterprises, that provides an exemption from payment of Earnest Money Deposit (EMD). Under this scheme, the tenders are issued free of cost.
5. Atal Incubation Centres (AIC)
AIC is a scheme for entities like higher educational institutions, R&D institutes, corporate sector, alternative investment funds registered with SEBI, business accelerators, group of individuals, and individuals who can apply to establish an AIC and get grant-in-aid of ₹10 Cr for a maximum of five years.