In the ongoing years, the Narendra Modi drove Government of India has been concentrating increasingly on a wide universe of rising new businesses, and for this, the legislature has been getting new projects and open doors for drawing out the best in these organizations and helps them in development and sustaining. A few Startup policies propelled by the Indian government for the best growth of the Indian Startups have been attempted to help the new enterprise and to encourage a culture of development among the youths in India. With a tremendous and extraordinary statistic advantage, India, regardless, can enhance, raise entrepreneurs and create employment for the benefit of the nation and the world.
Perceiving the significance of inventive startups and women enterprise in empowering the nation’s development and success, Government of India has guaranteed that all policy initiatives are outfitted towards empowering equal opportunities for women and furthermore assist the startups with raising assets effectively for development and extension. A portion of Startup policies by the Indian government to promote technology and innovation can be listed as follows.
Startup India
With the assistance of Startup India initiative, the government of India advances and helps business enterprise by coaching, sustaining and encouraging startups for the duration of their life cycle. Propelled in 2016, the policy has effectively given an incredible begin to various potential startups in the nation. The initiative has arrangements for different techniques to learn and find out about startup development including research parks, startup centers, and incubators among others. Aside from this, the startup policy has likewise made a ‘Reserve of Funds’ which helps startups in accessing funding. The essential thought process of this is to construct a domain in which startups can proceed and progress with no obstructions. The instruments utilized under the initiative contain the online acknowledgment of new businesses, Startup India Learning Program, Facilitated Patent documenting, Easy Compliance Norms, Relaxed Procurement Norms, advancement centered projects for students, financing support, tax breaks and tending to of administrative issues.
Support to Training and Employment Program for Women (STEP)
As the name clearly recommends, this startup policy of the government is fundamentally women oriented. STEP was presented by the Government of India’s Ministry of Women and Child Development. The basic role of the policy is to instruct and train women who don’t approach formal ability training, especially focusing on the rural area. The initiative was begun 30 years back and as of late the Guidelines of the plan have been redrafted as indicated by the present day situation. The program gives information and training in different fragments including food processing, agribusiness, agriculture, handlooms, customary artworks like weaving, computer, travel and tourism, and IT services.
Atal Innovation Mission (AIM)
AIM is a startup policy of Government of India which has a goal of advancing the way of life of innovation and enterprise, and it fills in as a stage for the advancement of world-class Innovation Hubs, Grand Challenges, startups and other independent work exercises, especially in innovation-driven regions. To teach development and imagination in the kids at the school level, the government has additionally propelled Atal Tinkering Labs (ATL) crosswise over India. Here at these working environments, the students can participate in different exercises and work with devices and gear to obtain hands-on learning of the ideas of a STEM (Science, Technology, Engineering, and Math). Another program set up by AIM is Atal Incubation Centers (AICs) with a mean to develop inventive begin organizations as versatile and practical endeavors. They furnish different facilities with the perfect measure of the physical framework based on capital gear and working facilities
Digital India
To modernize the economy of our nation and to make all the taxpayer driven organizations to be available electronically, the government propelled the Digital India initiative. The basic role of this is to build India as a carefully engaged society and information economy with all-inclusive access to products and ventures. In a large portion of the parts of our nation, the innovative penetration is low to the point that the people don’t know about the most recent opportunities and initiatives. And, throughout this startup policy, it wants to increase people’s involvement in the digital and financial space, make India’s cyberspace safer and augment the ease of doing business. It assists the digital resources and services to attain each part of the nation.
Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
The Ministry of Skill Development and Entrepreneurship (MSDE) has begun the program PMKVY which intends to prepare the adolescents with a specific end goal to teach modern abilities in them to improve open doors for employment creation and employability. Training and Assessment expenses are totally financed by the Government under this plan.
Make in India
Propelled in September 2014, the initiative has been made with a mean to change India into a worldwide design and manufacturing center. The Make in India initiative has made a point to displace the outdated and old structures with the most recent and easy to understand strategies. This has provoked energized trust in India’s capacities among potential assistants abroad, a business group inside the country and inhabitants free to move around at will. The course of action behind ‘Make in India’ was one of the greatest grasped in late history. What’s more, thusly, this has helped in securing speculations, encouraging development, creating aptitudes, ensuring licensed innovation and building the best manufacturing framework.
Biotechnology Industry Research Assistance Council (BIRAC)
BIRAC was set up by the Department of Biotechnology with an intend to reinforce and advance developing biotechnology endeavors. It carries out programmes to support deliberate research and innovation in the biotech projects, and diminish the present gaps between industry and academics. The scheme has encouraged a few fast advancements in medical technology and assisted different biotech startups with expanding and produces a decent base for them. BIRAC has cooperated with a couple of national and overall firms for building points of confinement of the Indian biotech industry, particularly for new organizations and SME’s, and has taken forward a couple of quick enhancements in helpful development.
Trade-Related Entrepreneurship Assistance and Development (TREAD)
The government had propelled the TREAD program to recognize the issues identified with the entrance of credits that the unprivileged women look in India. The program furnishes credit to the interested women with the assistance of the help of non-governmental organizations (NGOs). The women can get the help of enrolled NGOs in both getting to credit facilities, and get advising and training opportunities to start the proposed endeavors.
Conclusion
In terms of the number of startups, India is at third rank after the US and Britain that has been developed expansively since the Government has begun taking substantial steps for them. In the previous few years, the Government has initiated over 50+ startup policies, each of which is heading towards enhancing the Indian startup ecosystem. Hence, here we have discussed some of those Startup policies propelled by the Indian government. Let’s see, what benefits startup schemes will afford in order to improve the future of Indian startups!