Government schemes for entrepreneurs in India
The government of India comes with several schemes for entrepreneurs and business owners from time to time. The objective of such initiatives is to inculcate a spirit of entrepreneurship among the country men and women. These initiatives help foster a culture of innovation as well. One of the practical reasons for instating policy measures and schemes for entrepreneurs is also to answer the challenge of job creation for the youth of the country. An entrepreneur will create a job not just for his or her own self but for everyone else as well. India has a strong young population which also gives it a unique demographic advantage. It has a lot of potential to innovate and create jobs for everyone. Apart from the schemes for entrepreneurs there are many public and private colleges providing education to prepare the Indian youth for entrepreneurship. The entrepreneurship courses India has today, allow it to develop an entrepreneurial workforce as well.
In recent years, the government of India has rolled out several attractive schemes for the entrepreneurs in a wide range of sectors. In order to do so, it has combined the intellect from industry veterans, academia, entrepreneurs, women entrepreneurs, non-governmental organizations etc. These schemes aim at providing the entrepreneurs with access to loans, technology, training and a network to build up their business.
Some of the most prominent schemes floated by the Government of India are –
- Start-Up India
The aim of start-up India scheme is to promote entrepreneurship by the mentoring and nurturing of Indian start-ups throughout the different stages of their life cycle. Start-up India provides a four-week free online learning program to potential entrepreneurs. It has set up research parks, incubators and start-up centres in various parts of the country. It has created a ‘Fund of Funds’ where start-ups can get access to funding for their ventures.
- Make in India
Make in India is trying to turn India into a global hub for design and manufacturing purposes. It invites business leaders, industry experts, partners and investors from all over the world to create an over-hauled ecosystem in India with new cutting-edge infrastructure, processes and tools that can make India a manufacturing destination. It has helped in revamping India’s image on the global stage as well as within the business community with the country. It ensures replacement of obsolete frameworks with new and swift systems. It will help India foster a culture of innovation and skill development.
- Pradhan Mantri Kaushal Vikas Yojna (PMKVY)
An initiative of the Ministry of Skill Development and Entrepreneurship (MSDE), this scheme is an effort towards skill certification. It aims to train youth in industry related skills and generate jobs as well as sources of livelihood across all sections of the society. The people who are already trained are also certified in this scheme under a ‘Recognition of Prior Learning’ certificate. The cost of training and assessment is borne entirely by the government.
- Science for Equity, Empowerment and Development (SEED)
This initiative tries to provide opportunities to scientists and field level workers to undertake action-oriented projects in various rural locations of India for socio-economic gains. It brings together science and technology institutions with innovations at the grass root level with the aim of giving rural entrepreneurs access to quality infrastructure and expert inputs.
- Trade Related Entrepreneurship Assistance and Development (TREAD)
There is a major issue of lack of access to credit among India’s rural female population belonging to the underprivileged segment. This programme enables the availability of credit to them through non-governmental organizations. Women can get loan as well as counselling and training to start their non-farm enterprises.
- Jan-Dhan Adhaar Mobile (JAM)
This initiative provides direct transfer of subsidies to intended beneficiaries and eliminates the intermediaries in the system. It acts as a vital check on corruption and provides bank accounts to all citizens of the country.
- Support to Training and Employment Programme for Women (STEP)
Launched by Ministry of Women and Child Development, this initiative trains women with formal skills in several sectors such as agriculture, food processing, horticulture, handlooms, hospitality, travel and IT services, amongst others.
- Atal Innovation Mission (AIM)
Atal Innovation Mission is a government effort to promote innovation and entrepreneurship in the country. It provides a platform for promotion of entrepreneurial challenges, innovation hubs, start-up businesses and other self-employment opportunities. It has launched Atal Tinkering Labs (ATL) all across India to provide workspaces to the students so that they can work with the latest tools and equipment and gain hands-on training on STEM topics (Science, Technology, Engineering and Mathematics). Another programme is the Atal Incubation Centres (AIC) created to develop innovative businesses into scalable enterprises. These centres provide state of the art physical infrastructure, capital equipment and operating facilities to the entrepreneurs to turn their ideas into reality.
These and many more such schemes provide entrepreneurs directly or indirectly with access to expert inputs, business planning support, seed capital and training to turn their dreams to reality.
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