WHAT OPPORTUNITIES DOES INDIAN GOVERNMENT PROVIDE FOR STARTUPS?
New-age India today is ready to walk on the path- follow your hearts- shown by the business maven Steve Jobs and Mark Zuckerberg. Moreover, with the environment in India for starting your own venture has become conducive and a great deal of entrepreneurship opportunity India presents, more and more people are now prepared to take the leap.
Many IIT students and MBA Fresher’s Opt for Entrepreneurship: Recruiting trend among IITs and top MBA colleges always make the news because of the higher packages that are offered to the students. The talented students from these top colleges either lining up to get placed in the startup or opted out campus recruitment process itself, mostly, due to their growing interest to start their own ventures.
Talent Is Inclined To Work With Startups: India is all set to break away from the traditional career paths as a lot of talent is tending towards working with the Indian startup space. Challenging assignments, huge funding that brings huge compensation packages and an associated cool quotient are making startups a very lucrative place and attractive value proposition. Even to attract the best talent in the world, many startup firms have been making bold moves by offering high remuneration packages.
Indian and Foreign Investors Making Huge Investments in Startups: The startup ecosystem is getting substantial support from foreign and Indian investors, who have shown more faith in the industry and have provided funds to help these companies to grow leaps and bounds.
Government Funds for Startup firms: Funding by the GOI has been the biggest backbone for the young entrepreneurs in India. By launching several plans, the Indian government has assisted the start-up firms a lot to perform and sustain both in the domestic and global market. There are numerous government and semi-governmental initiatives to assist startups.
Startup India Initiative: Launched by the honourable Prime Minister of India, Mr Narendra Modi, the Start-Up India initiative is a great relief for start-up firms that will give them a final break from the conventional License Raj of India. The program includes three-year tax and compliance breaks intended for cutting arduous government regulations and red-tapism.
Make in India Initiative: Make in India has not only encouraged the manufacturer, but also the Indian buyer to trust and invest in the domestic brands.
MUDRA Yojna: Many small entrepreneurs find difficulty in getting loans or finance to start or run their businesses. Through this scheme, they will easily get loans from the banks to set up, grow and stabilize their businesses. Generally, while applying for loans, these small firms are asked for large collaterals by the banks, which made their business unsustainable.
Atal Innovation Mission (AIM): This is an innovation promotion platform launched by Mr Arun Jaitley, the finance minister of India during the budget 2015 that involving academics, entrepreneurs and researchers.
SETUP Fund: To facilitate the growth of startup firms, the SETU (Self-Employment and Talent Utilization) fund had been set up by the government. Under this program, Rs 1,000 crore has been allotted by the government in order to create opportunities for self-employment and new jobs mainly in technology-driven domains.
E-biz portal: To bring down the complexities and obstructions in setting up a business, the Government launched an e-biz portal that integrates 14 regulatory permissions and licenses at one source. The widespread usage of this portal will enable faster clearances and improve the ease of doing business in India.