In this era of startups, India is leading the world as the country has created a robust ecosystem for businesses and entrepreneurs. Hence, India is now called the ‘startup hub’, ranking third with 90,000 'Start-Ups' and 107 unicorn companies worth $30 billion. The government, under the leadership of Prime Minister Narendra Modi, has begun and promoted the Startup India Initiative to help aspiring entrepreneurs.
Atal Innovation Mission (AIM) is Government of India’s flagship initiative to create and promote a culture of innovation and entrepreneurship across the length and breadth of our country. AIM’s objective is to develop new programmes and policies for fostering innovation in different sectors of the economy, provide platforms and collaboration opportunities for different stakeholders, and create an umbrella structure to oversee the innovation & entrepreneurship ecosystem of the country.
PMMY aims to provide collateral-free loans to micro and small enterprises, including startups. The scheme categorizes loans into three categories: Shishu (up to Rs. 50,000), Kishore (from Rs. 50,001 to Rs. 5 lakhs), and Tarun (from Rs. 5,00,001 to Rs. 10 lakhs). Startups can avail of these loans through various participating banks.
The Technology Development Board offers financial support to startups and small and medium enterprises (SMEs) for technology development and commercialization. It provides grants and soft loans to assist in the development and deployment of innovative technologies.
NIF encourages grassroots innovations and supports innovators and startups in various sectors. It offers financial assistance, incubation support, and patent facilitation to transform innovative ideas into viable businesses.
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