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India’s Prime Minister Narendra Modi launched the “Atma Nirbhar Bharat App Innovation Challenge” on the 4th of July 2020, making it a historic day for the country’s entrepreneurs and its newfound clout afterward. PM Modi asked Indian startups to get together and create ‘Made in India’ applications that would benefit not only Indians but people all over the world with this launch. Using a series of tweets, PM invited everyone in the tech and startup community to take the challenge and create cutting-edge mobile applications. The government schemes for innovation and established a ministry solely to assist startup companies.
8 different types of government schemes for innovation
8 different types of government schemes for innovation are as follows:
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SAMRIDH Scheme
The SAMRIDH initiative aims to help businesses raise money and bring together the right people and resources to help them succeed. Around 300 startups will benefit from the newly created SAMRIDH program’s focus on extending them with prospects for worldwide expansion in three years. One of the best government schemes for innovation is the SAMRIDH Scheme.
Startup Leadership Program
As the name suggests, this program is for people who want to be entrepreneurs and inventors. It’s called SLP, and it’s a “very exclusive 6-month world-class training program and lifetime network.” It started in India in 2016. In 2006, it all began in Boston. It has spread its wings to 14 countries and 28 locations, helped more than 2000 businesses and raised more than $2.4 billion in capital. The government schemes for innovation and established a ministry solely to assist startup companies.
Startup India Initiative
India’s Prime Minister started this initiative on January 16, 2016, called the Startup India Initiative. The goal is to get people to keep going with their business ideas to improve their finances and job prospects. Since June 3, 2021, the government has given tax breaks to small businesses through this program. Over 50,000 businesses have been given recognition through this program. As a long-term project, the Department of Industrial Policy and Promotion is still working on this. An extra seven years have been added to the age limit for starting a business for the first time. A company can’t be older than 10 years after being found if it is in the biotechnology field. For people who want to start a business, it’s one of the best government schemes for innovation.
ATAL Innovation Mission
The Atal Innovation Mission (AIM) was introduced by the Indian government during the 2015 budget session and is named after former Indian Prime Minister Atal Bihari Vajpayee. The Atal Innovation Mission’s goal was to create a platform for academicians and researchers worldwide to promote innovation, research, and development. In 2015, the government allotted approximately INR 150 crores to AIM.
Benefits of government schemes for innovation
The field of Information, Communication, and Electronics Technology (ICT) and Electronics receives financial assistance for international filing.
Maximum reimbursement limit of INR 15 lakhs per innovation, or 50% of the total fees for submitting and completing a patent application.
The applicant can use the SEP-EIT system during the international patent filing process.
Top 2 Government Loan Schemes for Small Business in India
Micro Small and Medium Enterprise (MSMEs), both registered and unregistered, make up around 40 million of the Indian economy’s businesses. Small and medium-sized businesses (MSMEs) can be classified as either organised or disorganised. Approximately 40 per cent of India’s GDP is generated by these micro, small, and medium-sized enterprises (MSMEs). Small and medium-sized businesses (MSMEs) offer solutions to many of the country’s most pressing problems, such as unemployment, income disparity, and regional imbalances. The government has devised several programmes to help small businesses and the economy grow by approving loans. The owners of these MSMEs can take out a loan from one of several institutions, depending on their specific needs.The Innovation scheme’s primary goal is to support and encourage latent creativity and promote the adoption of the latest technology in small and medium-sized enterprises (SMEs).
MUDRA Loans
The Micro-Units Development and Refinance Agency, set up by the Indian government to provide financing to micro-business units, approves the MUDRA loans.
‘Funding the underfunded’ is the central tenet of the MUDRA lending program. MUDRA loans are available at every bank branch in India. Low-cost lending for micro and small firms has been formed through these loans.
Stand-Up India
The government’s Stand-up India programme provides loans to women-owned enterprises and Scheduled Castes/Scheduled Tribes. This plan is overseen by the Small Industries Development Bank of India (SIDBI). It is possible to get a loan of up to Rs. 1 crore via this program. A minimum of one Scheduled Caste/Scheduled Tribe or female entrepreneur must receive this loan from each bank. About 75 per cent of the project’s cost is planned to be covered by this loan.
Conclusion
India’s Prime Minister Narendra Modi launched the “Atma Nirbhar Bharat App Innovation Challenge” on the 4th of July 2020. Using a series of tweets, PM invited everyone in the tech and startup community to take the challenge and create cutting-edge mobile applications. It is the best government scheme for innovation. Seven years have been added to the age restriction for new startups. The innovation scheme’s primary goal is to support and encourage latent creativity and promote the adoption of the latest technology in small and medium-sized enterprises (SMEs).
