Building a robust startup ecosystem has been top-of-mind for India, and with the goal of promoting and supporting entrepreneurs, the government has also introduced many schemes and incentives – to give a boost to entrepreneurship in India and to assist emerging startups financially. Rajasthan has now become an ideal destination for setting up industries.
Here are some government incentives and schemes of the state of Rajasthan.
> iStart Rajasthan
Proving that Rajasthan has unleashed opportunities for entrepreneurs and innovative thinkers, are the current young generation with brilliant ideas and extraordinary skills, who are ready to take up the startup drive. Leveraging this, the Department of IT&C conceptualized an integrated startup platform called, iStart Rajasthan. The focus of this initiative is – on the ‘idea’ stage (the early stage) and startups with MVP (Minimal Viable Product). And, very conveniently, this initiative helps startups minimize the bureaucracy associated with the initiation of startup operations. Startups who want to work in Rajasthan can visit the iStart portal (istart.rajasthan.gov.in) and details of all requirements, with respect to the startup ecosystem like – registering, approval or applying for funds can be accomplished via this platform.
> Startup India Seed Fund
On 16 January 2021, Prime Minister Narendra Modi announced the launch of the ‘Startup India Seed Fund’, worth INR 1,000 crores, to help startups and support ideas from aspiring entrepreneurs. He emphasized the fact that the government is taking strategic measures – to ensure that startups in India do not face any capital shortage. The reserved fund for the Startup India Seed Fund initiative, as per the Union Budget of 2022 is Rs 283.5 crore, which is higher than the revised estimate of around Rs 100 crore for the year 2021-22. https://startuptalky.com/list-of-government-initiatives-for-startups/
Some Government Schemes
> Start-up India Scheme, Sarkari Yojana
This gives a push to the participation of women in entrepreneurship and gives them chance to strike it ‘big’ in their lives. It also promotes participation of women in the workforce involved in developing businesses. The initial funding of the scheme was Rs 100 crore. It also encourages participation of women in the field of technology.
> Mukhyamantri Laghu Udhyog Protsahan Yojana
This scheme has been launched with the objective of providing subsidized loans through financial institutions – to facilitate the establishment of enterprises in the state. This also has the objective in place – to provide new employment opportunities to all sections of the society.
> Bhamashah Yojana Rajasthan
Bhamashah Yojana was launched by former chief minister Vasundhara Raje (Government of Rajasthan) for empowering women.The yojana tries to build a better society for women and empowers women so that they can strive to work towards the progress of the State. This was brought in this yojana in the year 2008 and it works in the areas of financial inclusion, women empowerment and effective service delivery. Ladies in every household has to make a Bhamashah card to avail the benefits of the yojana. https://govinfo.me/bhamashah-yojana-rajasthan/
> Handmade in Rajasthan
Rajasthan is rich in terms of art and craft and has been famously labeled the ‘treasure trove of India’. The art and craft industry of Rajasthan is popular throughout the globe, mainly because its rich, colourful tradition. To elaborate, blue pottery, stone carvings, paintings, sandal wood work, carpets, metal work etc include the handicraft industry of Rajasthan. Rajasthan State Industrial Development and Investment Corporation Ltd (RIICO) has developed 348 industrial areas across the State for setting up of industrial units; and they assist the handicraft industry of Rajasthan by providing the grass root level entrepreneurs training and rebate in loans.
There are a number of handicraft related schemes, and handloom related schemes that entrepreneurs can avail of.
> Rajasthan Khadi and Village Industries Board
This board aims to provide employment to rural artisans; and it also aims at providing training to the grassroot level artisans, so that they can produce saleable goods. Khadi is not only popular in India but also abroad. The khadi industry is the major industry of Rajasthan, providing employment to poor and also helps in boosting community spirit. It is a statutory body which was established in 1957. (The same works in various states as well, with the same objectives and functions but governed by the state).
> The Rajasthan Small Industries Corporation Limited
This corporation came into being in the year 1961, and in1975 it was represented as the Public Limited Company. It promotes the handicraft industry of Rajasthan and also facilitates craftsmen in marketing of their end products. The corporation has established various training and research centres too, for assisting the craftsmen so that they can keep up with the competition of the market.
> Rajasthan Bunkar Sangh ( RRBSS)
This body was established in 1957, and it groups the weavers of Rajasthan into various societies for strengthening their cooperative movement. It is an apex marketing body for the handloom cooperative societies of the state.
> Rajasthan State Handloom Development Corporation
Developed in 1984, the main aim of this corporation was to promote the cotton handloom textile sectors of Rajasthan. The corporation tries to upgrade the skills of craftsmen, so that they can produce better products for marketing. It plays an important role in the design and development of the products, and also helps in the marketing of products, especially for the traditional weavers and artisans of the state. Another important fact is that it prepares the craftsmen for meeting the demands of the market.
> Yuva Udyamita Protsahan Yojana
This Yojana specially encourages the youth, who have entrepreneurial spirits, ideas and desires to establish an enterprise in the State. This Yojana also provides easy financial assistance to these enterprising individuals, on a minimum rate of interest.
> Rajasthan Financial Corporation
The background to setting up this body was for providing financial support to small and medium scale industries in Rajasthan. The statutory body was built in the year 1955, and it was aimed at facilitating the process of industrialization in the State of Rajasthan.