The Union Government of India has introduced initiatives expressly to assist Indian businesses in providing the requisite boost and support necessary to thrive. These initiatives are classified as Union Government Schemes for Indian Businesses.

Let’s explore the top ones.

1. ASPIRE

A Scheme for Promotion of Innovation, Rural Industries, and Entrepreneurship (ASPIRE) was formulated to establish incubation centres and a chain of technology centres to stimulate entrepreneurial innovation and foster startups for agro-industry transformation.

This initiative assists startups and entrepreneurs in the agro-space by offering incubation facilities for their businesses, funding, and technological infrastructure.

2. CGSS 

With a commitment of Rs.2000 crore, the Credit Guarantee Scheme for Startups (CGSS) has been launched to assist startups in securing collateral-free financing to kickstart their businesses.

This arrangement provides guarantee coverage for an agreed-upon time on the loan facility. Every qualifying beneficiary receives a credit guarantee of up to Rs.5 crore, which covers services such as term loans, working capital, venture capital, debentures, etc.

3. MUDRA Bank

The Micro Units Development and Refinance Agency Bank (MUDRA Bank) is a novel financial entity established under the Pradhan Mantri MUDRA Scheme (PMMY). Mudra Bank’s mission is to create micro-units and provide refinance to Micro Finance Institutions.

The loans are granted to support startups and entrepreneurship. Local producers, micro-enterprises, farmers, merchants, artisans, eateries, and cafés, among others, are eligible for Mudra loans.

4. SAMRIDH Scheme

The recently launched Startup Accelerators of MeitY for Product Innovation, Development, and Growth (SAMRIDH) initiative is intended to provide startup financing and assistance in bringing together core competencies that will enable them to expand successfully.

The initiative strives to concentrate on accelerating around 300 startups over the next three years by providing them with customer reach, investor connections, and other opportunities for global expansion.

5. MSME Market Development Assistance

This initiative has been launched by the Office of the Development Commissioner (MSME) to assist SMEs and local shopkeepers in gaining more exposure at global exhibitions and trade fairs.

Companies affiliated with the Directorate of Industries/District Industries Centre can receive up to 100 per cent reimbursement on air tickets and the expense of participating at such fairs/exhibitions around the world.

This scheme is not industry-specific and is open to SMEs, retailers, and businesses.

6. Raw Material Assistance Scheme

The Raw Material Assistance Scheme has been introduced by The National Small Industries Corporation (NSIC), which intends to support MSMEs and manufacturing businesses in sourcing both local and foreign raw materials.

According to government schemes, manufacturers should emphasize the quality of their goods because they can obtain low-interest loans and monetary assistance to obtain raw materials.

7. CGTMSE

The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has initiated this one-of-a-kind government program to aid retail shopkeepers, self-help organizations, educational institutions, farmers, and SMEs.

Essentially, the Credit Guarantee scheme was introduced to streamline the credit distribution mechanism by providing SMEs with guarantee coverage of up to 85% for loans up to Rs 5 lakh.

These significant government efforts are intended to increase the number of people engaging in entrepreneurship in India and support the expansion of the Indian startup ecosystem. So make the most of this opportunity to grow and learn more about these best initiatives for businesses by the government of India.

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