Airpay Payment Gateway: Government Support Schemes: Policies Every Business Owner Should Know About

In India, the government has put in place numerous programmes and initiatives to support the growth of both start-ups and small businesses. In order to build a $5 trillion economy, the Indian government sees entrepreneurs and entrepreneurship as key drivers of the country's growth. Here are some of the quality policies that the Indian government has introduced for business owners, especially entrepreneurs that India hopes to nurture in the coming years:

- **Attar Incubation Centre (AIC)**: The Atal Innovation Mission aims to encourage the spirit of innovation and entrepreneurship in India.AIC is a brand new incubation centre dedicated to promoting innovative start-ups in India. These centres focus on helping startups grow and become sustainable. For this purpose, AIC can provide grants up to Rs. 10 million for a period of five years.

- **Prime Minister's Mudra Yojana (PMMY)**: Launched in 2015, PMMY provides start-up loans of up to Rs. 10 lakhs to small and non-farm non-corporate enterprises. These Indian start-up loans are categorised as Mudra loans and are provided by commercial banks, regional rural banks, MFIs, etc.

- **New Generation IEDC**: New Generation Innovation and Entrepreneurship Development Centre (NewGEN IEDC) is a five-year programme implemented through educational institutions to support 20 projects per institution per year. The funding consists of a one-time non-recurring grant of up to Rs. 25 lakhs and a five-year recurring grant mechanism for selected projects.

- **Women Entrepreneurship Platform (WEP)**: WEP is a programme launched by Niti Aayog, in partnership with SIDBI, to provide government schemes for women's enterprises. The programme motivates, inspires and mentors women entrepreneurs in India through three pillars - the power of will, the power of knowledge and the power of action.WEP offers free credit scores, mentorship, loan schemes, and incubation and acceleration support for startups founded or co-founded by women entrepreneurs.

- **MSME Market Development Assistance**: Through this programme, registered small businesses are directed to participate in international exhibitions and trade fairs, receive financial support for global bar-coding standards, and benefit from government procurement and price concessions. Financial assistance also covers international travel costs, research for the production of promotional materials, and litigation in anti-dumping cases.

- **Self Employment Credit Card**: This nearly 20-year-old scheme provides credit cards and passbooks to businesses to meet their working capital and fixed capital requirements. It also offers a portfolio loan of Rs. 25,000/-. Even self-help groups can apply for this scheme.

- **Credit Guarantee Scheme**: The Credit Guarantee Fund Trust for Small and Micro Enterprises (CGF Trust) has been providing guarantee coverage for credit facilities for the past two decades. In recent years, the scheme has covered partial mortgages and retail trade and has facilitated the credit facilities of regular co-operative banks and MFIs.

- **Refinancing of NABARD**: NABARD's short- and long-term refinancing programme is implemented by the refinancing unit. It covers credit activities such as generating food security, promoting private capital formation in agriculture, asset creation and alternative employment.

These schemes and initiatives launched by the government are aimed at tapping the potential of small business owners, budding innovators and students, especially the Women Entrepreneurship Programme in India. If you are a business owner, you should identify policies that can help your business grow and take advantage of these opportunities at the earliest.

FAQ:

How much has the Government allocated to support enterprises? In the current year's budget, the government has allocated Rs 283.5 million for the seed fund of the Startup India Programme and set aside Rs 1 billion for the startup fund. Why does the government support entrepreneurship? The government's programme to support entrepreneurs has brought multiple benefits to the country. It creates jobs, creates value in the country and even opens up the possibility of foreign exchange inflows. At a broader level, the government's entrepreneurial schemes can increase the country's GDP and promote better utilisation of the labour market.