Assistance for startups Innovation

Gujarat, the most industrial state of India, is promoting several business sectors. Startups and innovations are the roots of growth in the economic aspect of the country, and the government is taking care of these things for startups.

The latest industrial policy of the Gujarat government is enhancing the confidence of new startups to generate more resources in the industries and take part in the latest innovative industrial ideas. The Gujarat state is top-ranked in the “best performance” in the All India state startup ideas. Just for strengthening the startups., the government is giving several incentives to startups with some rewards.

There is assistance to the MSMEs from the government. There are different definitions for the eligibility of the startups to get the incentives.

  1. The startup is something that can be an individual or a group of individuals that is coming with some innovative ideas to take part in the country’s development.
  2. The startup should have registered with LLP with the “limited liability partnership”.
  3. The partnership firm should register under section 59 of the partnership act 1932.
  4. The focus of the entity should be on the innovations and the improvement of the products and the services.

Eligibility of startups :
The company or a person that has an innovative idea will be eligible for. The idea should be for the sake of development in the industrial sectors.

The innovation should comprise development in the agricultural sector, engineering, science, and other genres that can help others. The innovations should comprise reconstruction in society in any aspect.

The startups that are already getting incentives in any other startup programs will not get assistance under the assistance scheme. There will be a mentor that will clarify the startups to get the assistance, and this mentor should register in the nodal institution.

Eligibility of Nodal Institution :
The university should be approved or affiliated under any recognized institution will be eligible to be a nodal institution. Also, the institution should register itself under the companies act 2013 of section 8 as and a non-profit-making company.

The institution should have a separate space and a group of employees that can manage the whole assistance procedure.

Scheme to assist the startups :
When any startup enrolls in the acceleration program that is operable nationally and internationally, they will get particular assistance up to 3 lakh.

Also, the startups will get skill development assistance from the government, and the nodal institutions will work to enhance the skills of these startup ideas. Also, there is financial assistance to the startups’ worth rupees 1 lakh.

Procedure to get approval for the assistance :
The nodal institution can send their proposal to the website only if they are eligible. After the registration, they have to apply to the IC office to get the approval for the Nodal institution. The SLEC will inspect the institution as per the requirements, and then it will approve the institution as a nodal institution.

After the approval of SLEC, the nodal institution will get a sanction letter along with the assistance kit. The SLEC will recognize the institution as a nodal institution.

The eligible startups can register their ideas and firm to the online portal. Then they can register to the nodal institution with requisite in the prescribed format. There the nodal institution will test the startups, then will pass the registration to the commissioner officer.

Their registration will get the inspection of all the documents in the file, and then it will go to SLEC to get the approval.

Authorities that will implement the scheme to the startups and the inspection authority will clarify, interpret, and check the disputes, if they’re among the startup ideas.

Latest announcement by the finance minister to foster business in India

Recently when everyone was in the joy of Diwali week, Finance minister Nirmala Sitharaman announced multiple schemes for the businesses to take part in their happiness. Now businesses will get multiple benefits from the government of India. The finance minister announced a package of 2.65 lakh crores to stimulate Atma Nirbhar Bharat 3.0, where the main targets are MSMEs, housing, stretched, and farm sectors. Amid 10 PLI schemes, 5 more industries are included in the package that will consist of 12.7 lakh crores. It will attract the investors to put their money in the production of goods in India where the Indian market can increase the export of goods. Also, the government has supported the private and public sector by sharing the maximum 24% PF for the employees. The government will directly support every employer in the share of PF, which will enhance manufacturing in India. Every decision is taken under Atmanirbhar Bharat 3.0 package to increase production in India. Let's discuss the departments where the schemes are going to apply.

HOUSING FINANCE:

The incentives for housing relief are in two forms that come under the Atma Nirbhar Bharat. One is an Income tax benefit, and the other is higher incentives for Pradhan Mantri Awas Yojna. The tax is reduced to 3 percent where owners directly enjoy the relaxation. The application of the tax reduction will be limited to the value of 2 crores. It will help the owners to solve the unsold inventory, and it will differentiate the circle value and agreement value. Under the PMAY, the housing sectors will get the incentives of 18000 crores, of which the Finance ministry already sanctions 8000 crores.

DIFFERENT JOB SECTORS :

The government announced to boost up the companies with the employee share of 1000 employees. The employees that are hired between October 1, 2020, and June 30, 2021, will get the 24 % PF in which the government will share a 12 % PF amount to include in their accounts. The job sectors will get a boost, and it will promote Atma Nirbhar Rozgar Yojana.


The government has decided to include the healthcare services in the stressed services, and all these sectors will get credit from the government. It will directly give benefits to the MSMEs and other healthcare sectors. The government has exceeded 3 lakh crores for these industries, which can create a good impact on the export of goods.

Atmanirbhar PLI schemes :

The government has decided to support the manufacturing industry by offering them multiple incentives for the manufacturing of goods in India. It will enhance the number of products in India where businesses will get a direct advantage in the manufacturing of multiple things.


The government has decided to infuse 6000 crores in NIIF as the equity, which will enhance other projects and attract investors to invest more in the Indian market. There are some expectations by the government that the infra project financing is going to touch the 1.10 lakh crore mark by 2025.


Also, 65000 crores are reserved for farmers for the fertilizers and other needs. The farmers can enjoy these services for every crop season, which will allow them to grow more without any problem.


There is the amount of 3000 crores for EXIM bank that can be used for the project promotion that will come under the line of credit by the IDEAS scheme. The government is providing direct benefits to the businesses, which will help the economy to reach the target by the end of 2025.

For construction and infrastructures, the government is reducing the security from 5-10% to 3%, which is crucial to enhance the working capital of construction. It will entertain the contractors and other services to unblock the previous capitals to promote the construction services in the country.


Multiple schemes will foster the economy of India, which can help the businesses to create more resources for the promotion of Atma Nirbhar Bharat. It will enhance export services and enhance the manufacturing sectors.