Opportunities Through Government Schemes – Weekly Updates

Aug 06, 2024

1. Name: Credit Guarantee Scheme for Startups (CGSS)

· Description: The Credit Guarantee Scheme for Startups is run by the National Credit Guarantee Trustee Company, was introduced by the Government of India to help startups.

· Financial Support: up to Rs. 5 crores

· Application Process:

Eligible institutions can register under the scheme.

Submit a signed undertaking and Board Resolution using the provided format on the website.

Upon successful registration as a Member Institution (MI), login credentials will be generated.

MI can then apply for guarantee cover on the NCGTC’s portal.

To learn more and register as an MI, visit the NCGTC’s portal.

2. Name: Startup India Seed Fund Scheme

· Description: The Startup India Seed Fund Scheme (SISFS) provides financial help to early-stage startups in India for various needs like market entry, trials, and prototype development.

· Benefits:

Support for 3,600 entrepreneurs through 300 incubators in the next 4 years.

Eligible incubators get grants up to Rs. 5 crores.

Startups receive up to Rs. 20 lakhs for proof of concept, prototype, or trials.

Investments up to Rs. 50 lakhs for startups in market entry, commercialization, or scaling up through debentures or debt-linked instruments.

· Application Process:

Obtain DPIIT Recognition Certificate within 2 years of incorporation.

Apply for Startup India Seed Fund after DPIIT Recognition.

Incubators evaluate and shortlist applications.

Incubator Seed Management Committee (ISMC) makes final selections.

Successful startups receive seed funds in instalments based on progress reports.

3. Name: Software Technology Park (STP)

· Description: The STP offers startups a conducive ecosystem with infrastructure, resources, support services, and networking opportunities, enabling them to accelerate their growth, innovate, and thrive in the competitive technology landscape.

· Benefits:

STP units can be established anywhere in India.

STPI authorities can clear projects below Rs. 100 million with Indian investment.

100% foreign equity is permitted.

Duty-free imports for hardware and software, including second-hand capital goods. Re-export of capital goods is allowed.

Simplified Minimum Export Performance norms for positive net foreign exchange earnings.

Use of computer systems for commercial training within STP premises is allowed.

Sales in Domestic Tariff Area (DTA) permitted up to 50% of export value. Tax benefits for capital goods purchased from DTA.

Repatriation of foreign investment and related fees is allowed after payment of income taxes.

Donation of computers and peripherals to recognized institutions is duty-free after two years.

100% depreciation on capital goods over a five-year period.

· Application Process:

Submitting the application in the prescribed form to the Software Technology Park of India.

Providing legal documents, including the Memorandum of Association, with the application.

Including a Board Resolution confirming the establishment of the STP unit, signed by authorized individuals.

Submitting the resume of the CEO or the person leading the operation.

If approved, funding is provided based on the DIDF schemes.

4. Name: Atal Innovation Mission (AIM)

· Description: In 2016, the government launched a scheme known as Atal Innovation Mission. It aligns innovation policies and promotes ecosystems at various levels, from schools to industries.

· Benefits:

AICs for startups, fostering stability and scalability. Grants up to ₹10 crores to successful applicants establishing new or scaling up existing greenfield incubators.

Under ANIC, successful applicants receive grants up to ₹1 crore, while Atal Grand Challenges offer substantial grants of up to ₹30 crore.

ACIC aims to boost development by encouraging innovation in the most neglected areas of the country, aiming to create jobs in these regions.

· Application Process:

AIC

Download the Atal Incubation Centres Guidelines from https://aim.gov.in/aic.php and review them carefully.

Check your email for the password and log in.

Once logged in, select the Atal Incubation Centre tab on the home page.

Fill in mandatory details, specifying AIC or EIC.

Submit your application; no changes can be made post-submission.

To view or print your application, log in using your email and password. Use the unique id code for future correspondence.

ANIC

Applicants must include the following information in their application:

Description of the proposed product with the patent number or reference to a peer-reviewed paper.

Market size for the proposed product, including details on assumptions made to assess it.

Demonstration of the product’s ability to meet market needs (product-market fit).

Details of proposed partnerships for designing, testing, piloting, and deploying the product.

Submit applications online using the provided link – https://apply.aim-challenges.in/public/application/inc/63217c613009691476cda4ea

5. Name: Dairy Processing and Infrastructure Development Fund (DIDF)

· Description: Dairy Processing and Infrastructure Development Fund helps dairy cooperatives stay competitive for the benefit of farmers. The financial plan includes Rs. 1167 crore for interest, Rs. 8004 crores from National Bank for Agriculture and Rural Development (NABARD), and Rs. 2001 crore for eligible borrowers.

· Benefits:

· DIDF offers financial aid to dairy cooperatives and private processors for upgrading facilities, enhancing the Indian dairy industry’s modernization and product quality.

· The scheme boosts the country’s milk processing capacity, resulting in increased production, additional income for farmers, and a positive impact on the rural economy.

· DIDF contributes to employment creation by supporting the development of new processing facilities in the dairy sector.

· Application Process:

· Understand the eligibility criteria.

· Eligible borrowers prepare a Detailed Project Report (DPR).

· Submit the DPR to the Regional office of the National Dairy Development Board.

· The DIDF board reviews your application.

· If approved, funding is provided based on the DIDF schemes.

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