According to the Economic Survey 2021-’22 report, India has the third-largest ecosystem for startups in the world. A government report also shows that around 50,000 startups are thriving in the ecosystem, to make their strong presence felt in the country.
In 2019-’21, India saw the establishment of the most numbers of unicorns, with 7, 11 and 44 being born each year, respectively.
A report by Invest India reveals that as of May 5, 2022, the country is home to 100 unicorns with an overall business valuation of $332.7 billion. The government schemes and initiatives to aid these startups, play an essential role in them leaving a footprint globally.
Government Scheme For Startups
Startup India: The government of India’s (GOI) flagship initiative, Startup India, is one of the largest government schemes to provide aid to startups. On January 16, 2016, prime minister Narendra Modi started this scheme to robust the startup ecosystem.
Around 50,000 startups are registered under this scheme. A benefit of several Startup India schemes is the three-year tax exemption. The government has also allocated a ₹10,000 crore budget for startups in India. Under the scheme, the government also allowed startups with no experience to apply for government tenders.
SAMRIDH: The scheme was launched by the Minister of Electronics, Information, and Technology, Ashwini Vaishnaw, to accelerate the startup ecosystem in India with product innovation, development and growth.
The SAMRIDH scheme also provides financial assistance to startups and helps them in skill training to grow strongly.
NewGen IEDC: The National Science and Technology Entrepreneurship Development Board, under the GOI’s Department of Science and Technology, launched this initiative. This government scheme came into existence to inculcate the spirit of entrepreneurship and to promote innovation through guidance, support and mentorship.
Multiplier Grants Scheme: The MGS is an idea of the Department of Electronics and Information Technology, to push the collaborative RnD (research and development) industry and institutes. The scheme has a total fund of ₹36 crore for universities, incubators, and startups.
Startup India Seed Fund Scheme: The scheme was brought to existence by the GOI for pre-mature startups. The scheme holds a total fund of ₹945 crores, and it’s expected to fund around 3,600 startups.