What You Should Know About India’s Government Grant and Support Schemes
Plenty of government grants and support schemes are available for businesses, especially those of micro, small and medium business and those that have been severely impacted by the pandemic. If you are a business owner or planning to open a business soon, then keep on reading. This article explores India’s Government Grant and Support Schemes – see more below.
The Government has played a major role in facilitating the growth and expansion of businesses all over the country. In India, businesses, regardless of whether they are new or existing, can receive grants and support from the government if their organisations fit the criteria.
How Can the Government Help Me?
The Government of India has plentiful support schemes designed for business owners in numerous industries. See more below for examples of grants and support schemes.
PRISM’s Technopreneur Promotion Program (TePP)
As its name itself unveils, TePP is targeted at helping technology-based innovation startups with funding and promotion. Developed by the Department of Science and Technology, TePP is an initiative under the Ministry of Science and Technology that offers grants ranging from Rs 2 Lakhs to Rs 100 Lakhs.
MUDRA Loan Under PMMY
The MUDRA Loan aims to help micro to small non-corporate and non-farm businesses. Small times service business, farming business, vendors, shopkeepers and businesses alike are encouraged to apply at various financial institutions such as private and public banks, commercial banks, regional rural banks and more.
Rashtriya Krishi Vikas Yojana (RKVY)
The RKVY is a government programme under the Ministry of Agriculture. It is focused on improving the agricultural development scene in India through funding and financial support to agri-business owners. The programme was revamped as ‘Rashtriya Krishi Vikas Yojana – Remunerative Approaches for Agriculture and Allied Sector Rejuvenation’ (RKVY – RAFTAAR); it encourages the fusion of technology in agriculture. Industries that dabble in agro-processing, hydroponics, agricultural mechanisation, smart farming, artificial intelligence and more are encouraged to apply.
A campaign by the Government of India, Startup India is a flagship initiative started to promote startup culture. Apart from helping entrepreneurs realise their full potential, the campaign helps them to network, create valuable relationships, and cultivate a healthy, entrepreneurial ecosystem. To learn more about what Startups India offers, click here.
Start Applying Today
The unfortunate truth is that many companies are struggling to stay afloat – even when the country’s economy has entered the recovery phase. Although the economic recovery is definitely a light at the tunnel’s end for many business owners, the journey onwards will be challenging and is bound to take time. That said, the Government aims to soften the blow as much as possible through the launch of various assistance programmes for business owners. If you wish to acquire grants or schemes from the government, check with your local economic development agencies regarding business incentives.