Startup is an entrepreneurial venture which is a newly emerged business. Startup is basically a business of your own. It is creating employment on your own..and in a country like India where unemployment has rested its feet for so many years startup was welcomed with open arms. Startup works in a high risk sector but there is unstoppable growth and success.
Few people who have managed to start their own startups have companies that are very large and influential. Startups can help in providing a boom to the development of developing countries like India. Startups can bring a positive change and it will help the youth to showcase their talents. Startup demands a couple of things including high skills, new ideas, financial assistance, hard work, time and other elements. Since getting financial assistance can prove to be a bit challenging for the people so the government of India has come up with a helping hand for the people.
Every person has some kind of innovations but not every person has the means to implement it . Through startup schemes, the government is making the path for us and is encouraging us to implement those innovations. The government of India has initiated startup schemes for the industries to provide financial assistance to the unemployed youth of India.
Talking about the objectives, startups focus on new ideas, products, processors and to set up incubation centres in the state, to provide adequate investment to the startups and to develop human capital and development in the state. Jumping on the benefits it helps in providing financial assistance up to 30 lakhs per incubator organization, stamp duty for startup units reduced by 3%, no inspection of the industries for 3 years and interest rates are fixed to 50% on the plots for setting up an industry.
From technology to biotechnology and covering retail business, agriculture and horticulture, tourism, rural infrastructure and facilities the startup schemes cover everything. The host institutions such as NITs, IITs , govt. universities, private colleges and engineering colleges which are in existence for at least 5 years are encouraged by the govt. to form incubation centres which will be fully furnished with all kind of facilities including internet, electricity etc.. Students applying for incubators will be fully supported and shall be provided 5% grace marks and 20% attendance every semester.
A number of incentives such as ₹25000 sustenance allowance per month will be provided and also maximum of ₹10 lakhs will be provided by the govt. to the innovation plans to launch its products/services in the market. Provisions are made for ensuring 1/3rd representation of women entrepreneurs, students and teachers. Promotion of entrepreneurship among the lower castes SCs ,STs is also taken care of . A number of subsidies, VAT concessions and another handful benefits are provided to the people. Our youth is packed with amazing talent but all we need is to spread awareness about these schemes and to build up the gap between the govt. and the people that can help in providing a platform to the budding entrepreneurs.
About the Author:
Shanvi Satti (MCM DAV 36)