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 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 freshers are opting 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 are either lining up to get placed in the startup or are opting out of the campus recruitment process itself, mostly, due to their growing interest to start their own ventures.
India is all set to break away 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.
In this scenario, what all does the government of India provide for this rapidly developing ecosystem?
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.
Launched by the honourable Prime Minister of India, Mr Narendra Modi, 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 has not only encouraged the manufacturer, but also the Indian buyer to trust and invest in the domestic brands.
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.
This is an innovation promotion platform launched by the Mr Arun Jaitley, the finance minister of India during the budget 2015 that involving academics, entrepreneurs and researchers. It is a Government of India endeavour to promote the culture of innovation and entrepreneurship, driven by Niti Aayog. AIM supports the establishment of Atal Tinkering Labs (ATLs) and Atal Incubation Centres, like Atal Incubation Centre- BIMTECH (AIC- BIMTECH).
To facilitate the growth of startup firms, 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.
To bring down the complexities and obstructions in setting up a business, 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.