Other Specific Entrepreneurship Schemes

Other Specific Entrepreneurship Schemes

In order to support and strengthen the Start-up culture in India, the Government has launched various schemes in the past few years. They are as follows:

1. Modified Special Incentive Package Scheme (M-SIPS)

The M-SIPS scheme provides capital subsidy of 20% in SEZ and 25% subsidy in non-SEZ for business units engaged in manufacturing of electronics in the fields of the Internet of Things, aeronautics/aerospace and defence, automotive, renewable energy, non-renewable energy, technology, green technology and nanotechnology.

2. New Gen Innovation and Entrepreneurship DevelopmentCentre (New Gen IEDC)

New Gen IEDC provides a limited one-time, non-recurring financial assistance to entrepreneurs up to ₹25 Lakhs in the fields of chemicals, technology hardware, healthcare and life sciences, aeronautics/aerospace & defence, agriculture, AI (artificial intelligence), AR/ VR (augmented + virtual reality), automotive, telecommunication and networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fin-tech, Internet of Things, nanotechnology, social impact, food and beverages, pets and animals, textiles and apparel.

3. Dairy Entrepreneurship Development Scheme

Dairy Entrepreneurship Development Scheme aims at helping entrepreneurs in the field of Agriculture, pets and animals, and social impact to set up small dairy farms and incentives are provided to cover the cost of the required equipment or establishment of the facility.

4. Single Point Registration Scheme (SPRS)

A great scheme for Micro and Small Enterprises, which provides an exemption from payment of Earnest Money Deposit (EMD). Under this scheme, the tenders are issued free of cost.

5. Atal Incubation Centres (AIC)

The Government of India has setup the Atal Innovation Mission (AIM) at NITI Aayog in 2016 with the over arching purpose of promoting a culture of innovation and entrepreneurship in the country. This has been setup to provide high class incubation facilities across various parts of India in terms of capital equipment, operating facilities along with sectoral expert for monitoring start-ups, especially in transport. manufacturing health, energy, water, agriculture and construction sectors.