Employment creation is one of the biggest challenges India is facing right now. But the unique and promising demography of India has immense potential to develop, innovate, raise entrepreneurs, and create employment for the youth.
The government of India has been undertaking several instituted policy measures and initiatives to promote a culture of development and entrepreneurship in the nation. It has also come up with a wide range of new opportunities and programmes to nurture innovation for balanced regional development.
It aims to cover academics, investors, industries, non-government organisations, and big/small entrepreneurs. Apart from this, the country also acknowledges the relevance of women empowerment and entrepreneurship in recent times. Their economic participation is taking the national economy to new heights. Therefore, the government of India ensures equal opportunities for both male and female entrepreneurs.
The best part is, it intends to bring women entrepreneurs on the forefront of the Indian entrepreneurial ecosystem by offering a wide spectrum of networks, loans, training, and markets. Moreover, the government plans to assist budding entrepreneurs in the field of finance, technology, and marketing.
The ultimate motive of the Indian government is to encourage employment and innovation across various sectors of the nation. So, what are the innovative plans, programs, and schemes that aim to promote entrepreneurship in the nation? Below we have highlighted some of the major ones.
1. Small Industries Development Organisation – SIDO
SIDO was launched in 1973 under the Ministry of Trade, Industry, and Marketing. It is an apex body, which is responsible for formulating policies for the promotion and development of small scale industries. Its functions can be classified into three major categories - coordination, extension, and industrial development.
- Develop a national policy for the overall development of small and medium scale industries.
- Maintain a liaison with the Planning Commission, Central Ministries, Financial Institutions, and State Government.
- Formulate the programmes and policies of several state governments.
- Coordinate industrial estate developmental programmes.
- To reserve products for production by small scale industries.
- Offer support and development of the ancillary units across industries.
- Analyse data on imported products and offer assistance to small scale industries to produce it domestically.
- To motivate small scale industries to participate in Government Stores Purchase Programs through the right assistance, market advice, and guidance.
- To offer training and consultancy services to reinforce the competitive abilities of the small scale industries.
- Develop technical services of the small scale industries by improving technical products and processes. It is done by identifying the right equipment and preparing factory design and layout.
- Offer assistance during the economic investigation, and offer data to small scale industries.
Also Read: What are small scale industries? And its types.
2. The Entrepreneurship Development Institute of India – EDI
EDI is a non-profit institution and autonomous body that came into existence in 1983. Moreover, many apex financial institutions like SBI, IDBI, IFCI, and ICICI are the primary sponsors of EDI.
It aims to become a catalyst in developing the first generation entrepreneurs through world-class education, research, and training. The institute firmly believes that the country can create talented entrepreneurs through well-directed and well-conceived initiatives.
Here are the key objectives of EDI.
- To create multiple self-employment opportunities across the nation.
- Boosting the supply of dynamic entrepreneurs through professional training.
- Augmenting the supply of entrepreneurs in the country.
- To foster micro-enterprises in rural sectors.
- Instilling the spirit of entrepreneurship in the young generations.
- Encouraging corporate excellence by developing intrapreneurs or entrepreneurial managers.
- To prepare a support system to facilitate establishment and management to the existing and potential entrepreneurs.
3. Make in India
Make in India is a revolutionary scheme of the government of India launched in 2014 by Prime Minister Narendra Modi. It aims to boost the domestic manufacturing functions of the country. Apart from this, Make in India also aims to encourage both domestic and foreign investments in the country.
By reviving the lagging manufacturing sector, the scheme endeavours to make India a global manufacturing hub and boost employment opportunities. Furthermore, it is a comprehensive scheme that covers everything ranging from employment, development, and sanitisation. Several supportive schemes were also launched to assist the Make in India initiative like:
- Skill India
- Digital India
- Startup India
- Smart Cities
- Pradhan Mantri Jan Dhan Yojana
- Atal Mission for Rejuvenation and Urban Transformation
- Swachh Bharat Abhiyan
- International Solar Alliance
- Accelerating Growth of New India’s Innovation
4. Support to Training and Employment Programme for Women - STEP
The STEP scheme intends to provide relevant employability skills and competence to women of India. It aims to empower them by offering innovative self-employment opportunities. It covers sectors like Handlooms, Stitching, Food Processing, Horticulture, Agriculture, Zari, Embroidery, Technology, Handicrafts, and Tailoring. Let us have a look at the eligibility criteria of STEP:
- The scheme is for the women who are above 16 years of age.
- Non-government or voluntary organisations that are set up as an autonomous organisation under a special statute or as a Society under the Societies Registration Act, 1860.
- Cooperative Societies.
- Non-government or voluntary organisations that promote the objectives of this programme through credibility, finance, and experience.
5. Startup India Scheme - SIS
This scheme was launched in 2016. It is a government of India initiative that aims to generate employment, promote startups, and develop the economy. SIS gave rise to several programs that facilitate in building a stronger ecosystem to transform India. The Department for Promotion of Industry and Internal Trade manages this scheme. Let us have a look at the benefits of the Startup India Scheme.
- Ease of Work: The startup India hubs offer facilities like easy incorporation, registration, and grievance handling of new startups. Moreover, the government has also set up an online portal to offer a seamless registration system. It just takes 90 days to set up a new startup. It also enables faster winding-up processes for startups.
- Financial Support: The government of India has come up with Rs. 10,000 crores’ financial assistance to motivate innovative startups. The government invests in these startups and also offers them income tax exemption for the first three years. However, if a startup gets any shares that exceed its market value, the excess amount is taxable as income from other sources.
- Government Support: Every company wishes to get government tenders that offer large projects and high payments. Under SIS, the government will prioritise startups in getting these tenders. The best part is, they do not need any prior experience to qualify for these tenders.
- Other Benefits: Self-certification under labour and environmental laws, startup patent application, and relaxation in the public procurement norms are some of the other benefits of the Startup India Scheme.
It is an initiative that was launched to empower the technological front of the nation. It is ideally an umbrella programme that shields multiple government departments and ministries.
It weaves a large number of thoughts and ideas into a comprehensive vision. Digital India aims to provide the much-needed push to the nine factors of growth areas like:
- Broadband highways
- Public internet access programme
- Universal access to mobile connectivity
- E-Kranti-electronic delivery of services
- Reforming government through technology
- Electronic manufacturing
- Early harvest programme
- IT for jobs
Please note that all these areas are a complex programme that spread across multiple departments and ministries. Digital literacy, digital service delivery, and digital infrastructure creation are the three primary components of this campaign.
Be it SIS, STEP, Digital India, or Make in India the Indian government is taking every possible step to promote and encourage entrepreneurship in the nation. The government has also set up offices and help centres to assist budding entrepreneurs. So, what are you waiting for? Connect with the relevant department, fill in your project details, and become a part of the country’s development!
1) How to Earn Money Online? Best Online Money Making Tips
2) What online business can I do to make money? Here are the top-6 ideas for you.
3) 3 Amazing Ways to Make Money Online in India
4) Best Ideas To Make Pocket Money For Students.
Stay updated with new business ideas & business tips with OkCredit blogs in English, Hindi, Malayalam, Marathi & more!
Download OkCredit now & get rid of your bookkeeping hassles.
OkCredit is 100% Made in India.