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Tag: Government Scheme

  • e-Sprinto – Co-Founder & Director Mr. Atul Gupta Shares Insights on Navigating EV Industry Trends

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The electric vehicles industry is at a nascent stage in India. It is less than 1% of the total vehicle sales however has the potential to grow to more than 5% in a few years.

    The EV-Ready India dashboard has projected an impressive 45.5% Compounded Annual Growth Rate (CAGR) in electric vehicle sales between 2022 and 2030, indicating a substantial surge from the 6,90,550 electric two-wheelers (E2Ws) sold in 2022 to a staggering 1,39,36,691 E2Ws expected to hit the Indian roads by 2030

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Atul Gupta, Co-Founder & Director of e-Sprinto. We explored how the e-Sprinto industry is revolutionizing the EV industry by analyzing its development, innovations, insights, and future strategies.


    StartupTalky: What does e-Sprinto company do? What was the motivation/vision with which you started?

    Mr. Atul Gupta: At e-Sprinto, our core aim revolves around transforming India’s electric two-wheeler sector through the provision of top-notch, cost-effective, and eco-friendly electric scooters. The inception of e-Sprinto was driven by a profound conviction in the capacity of electric vehicles (EVs) to pave the way for a more sustainable future. With over 38 years of experience in the automobile industry and a background at Yamaha, Suzuki, and TVS, I, along with my co-founders Vinod and Shalu Gupta, envisioned e-Sprinto as a brand that not only delivers top-quality electric two-wheelers but also upholds ethical values and sustainability. Our mission is to provide reliable, performance-oriented, and sustainable products while fostering trust and satisfaction among our customers, ultimately establishing e-Sprinto as a leading name in the Indian EV industry.

    StartupTalky: What is/are the USP/s of e-Sprinto products?

    Mr. Atul Gupta: e-Sprinto takes pride in several unique selling propositions (USPs) that set our electric scooters apart in the market. First and foremost, our commitment to affordability and sustainability makes e-Sprinto stand out. Our electric scooters are attractively priced, coupled with a low energy consumption of just 1.5 units per charge, making them a cost-effective and eco-friendly choice for riders. Additionally, we prioritize user experience, ensuring our scooters are designed with precision, comfort, and manoeuvrability, tailored to the demands of Indian traffic conditions. The diverse range of models, including the e-Sprinto, e-Sprinto BB, Roamy, Rapo low-speed scooters, and high-speed scooters like the e-Sprinto HS and Amery, cater to various customer preferences. This commitment to innovation, combined with state-of-the-art technology and rigorous quality assurance, positions e-Sprinto as a standout brand in the electric two-wheeler market.

    StartupTalky: How has the industry you are in changed in recent years and how has the e-Sprinto company adapted to these changes?

    Mr. Atul Gupta: The electric vehicle industry has witnessed a remarkable transformation in recent years, projected to achieve a compelling compound annual growth rate (CAGR) of 94.4% from 2021 to 2030. At e-Sprinto, we’ve adeptly navigated industry changes by remaining agile and responsive to evolving trends. In the face of growing technological advancements, shifting consumer preferences towards eco-friendly solutions, and supportive government policies fostering sustainable transportation, we’ve strategically positioned ourselves. Recognizing the surge in demand for electric scooters, we’ve expanded our product range to cater to diverse consumer needs. Rapid progress in battery technology and charging infrastructure has been actively integrated into our offerings, ensuring that our electric scooters reflect the latest innovations. Moreover, aligning our strategies with the changing regulatory landscape has been instrumental, in allowing us to stay competitive and innovative in the dynamic electric two-wheeler market.

    Mr. Atul Gupta: Remaining at the forefront of industry trends is crucial at e-Sprinto. We adopt a comprehensive approach, involving ongoing market research, active participation in industry events, and engagement with industry publications and forums. This dedication to staying informed significantly shapes our product roadmap and business strategy. For example, the rising demand for eco-friendly mobility led to the expansion of our electric scooter range. Furthermore, advancements in battery technology and charging infrastructure trends have guided the integration of innovative features, ensuring our products stay aligned with the latest industry developments.

    StartupTalky: What key metrics do you track to check the e-Sprinto growth and performance?

    Mr. Atul Gupta: At e-Sprinto, we monitor several key metrics to gauge our company’s growth and performance. These include sales volume and revenue growth, market share expansion in targeted regions, customer acquisition and retention rates, dealership network expansion, and customer satisfaction scores. Additionally, we closely track operational efficiency metrics such as production yield, inventory turnover, and supply chain efficiency. These key performance indicators help us assess our progress, make informed decisions, and fine-tune our strategies to achieve sustainable growth and maintain our competitive edge in the electric two-wheeler market.

    StartupTalky: What were the most significant challenges e-Sprinto company faced in the past year and how did you overcome them?

    Mr. Atul Gupta: In the past year, we encountered notable challenges in the form of increased competition and negative sentiments among dealers associated with certain brands. To overcome these hurdles, our company strategically focused on two pillars: an unwavering commitment to product quality and a robust after-sales service. By prioritizing these aspects, we not only differentiated ourselves in a crowded market but also built trust among dealers, fostering positive relationships. This approach not only addressed the challenges posed by non-serious players in the industry but also positioned e-Sprinto as a reliable and quality-focused brand in the electric two-wheeler market.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Mr. Atul Gupta: Our marketing strategies at e-Sprinto are diverse, incorporating digital platforms, social media, and targeted online campaigns to create brand awareness. Collaborations with influencers, strategic partnerships, and participation in relevant events contribute to our visibility. One notable growth hack involved a rapid expansion of our dealership network. In a single day, we unveiled 26 dealership showrooms, a strategic move that not only increased our geographic presence but also garnered positive industry acceptance. This approach facilitated a broader market reach, enhanced accessibility for customers, and contributed to the positive response to our electric scooters.

    StartupTalky: What are the important tools and software you use to run your business smoothly? 

    Mr. Atul Gupta: At e-Sprinto, we utilize a range of tools and software to streamline our operations. We leverage Customer Relationship Management (CRM) software to manage customer interactions and relationships effectively. Additionally, Enterprise Resource Planning (ERP) systems aid in integrating various business processes, enhancing efficiency in managing finances, inventory, and procurement. For our marketing efforts, we rely on analytics tools to track campaign performance and social media management platforms to engage with our audience. Moreover, logistics and supply chain management software ensure smooth coordination in sourcing materials and delivering finished products to our dealerships across regions. These tools collectively contribute to the seamless functioning of our business processes.

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    StartupTalky: What opportunities do you see for future growth in the EV industry in India and the world? What kind of difference in market behaviour have you seen within states in India?

    Mr. Atul Gupta: In the electric vehicle industry, both domestically and globally, significant growth is anticipated, fueled by rising environmental consciousness, governmental backing, and technological progress. Opportunities abound in diversifying our product range, investing in sustainable technologies, and entering emerging markets. In the Indian context, there are discernible variations in market behaviour among states. Progressive states, equipped with robust charging infrastructure and supportive policies, exhibit higher EV adoption rates. Regions with proactive government incentives and a strong emphasis on sustainability, present more favourable market dynamics than states with slower regulatory support and infrastructure development. This understanding guides our strategies for effective market penetration.

    StartupTalky: What lessons did the e-Sprinto team learn in the past year and how will these inform e-Sprinto future plans and strategies?

    Mr. Atul Gupta: In the past year, our team learned the value of adaptability and resilience in a dynamic market. We understood the importance of prioritizing customer-centric approaches, focusing on product quality, and fostering robust after-sales services. These lessons emphasize our commitment to maintaining high standards, agility in responding to market changes, and the imperative to enhance customer satisfaction. Moving forward, these insights will guide our future plans, reinforcing our dedication to innovation, service excellence, and sustainable growth in the electric vehicle industry.

    StartupTalky: How do you plan to expand the Customers, product, and team base in the future?

    Mr. Atul Gupta: Our expansion strategy revolves around a multi-faceted approach. To expand our customer base, we aim to enhance brand visibility through targeted marketing, strategic partnerships, and a continued focus on product quality and innovation. For product expansion, we plan to diversify our portfolio with new models that cater to evolving consumer needs. Regarding the team, we are actively recruiting top talent and fostering a dynamic work environment to support our growing operations. 

    StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?

    Mr. Atul Gupta: My advice to aspiring entrepreneurs is to nurture resilience. Entrepreneurship is a path laden with challenges, setbacks, and uncertainties. Resilience empowers you to rebound from failures, adapt to changes, and remain dedicated to your vision. Embrace lessons from every experience, build a supportive network, and recognize that setbacks are stepping stones to success. A resilient mindset not only aids in navigating challenges but also cultivates the perseverance required to transform entrepreneurial dreams into reality.

    Explore more Recap’23 Interviews here.

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  • What Is Multiplier Grants Scheme? | Government’s Scheme for Supporting Startups in India

    India is a hub of untapped potential. It is also a land of commercial possibilities that can be realized with the correct tools. The Indian government realizes this talent pool and has taken various initiatives to tap, encourage and help this talent in a bid to build a strong economy.

    The government has created 50 startup programs to aid the country’s startup mission and address young entrepreneurs and small and medium enterprises.

    The Department of Electronics and Information Technology (DeitY) has established the Multiplier Grants Scheme in an effort to bridge the gap between commercialization and R&D.

    What Is Multiplier Grants Scheme?
    MGS Objectives
    MGS Implementation Process
    Who is Eligible for Multiplier Grants Scheme?
    Benefits of Multiplier Grants Scheme
    MGS and Its Terms and Conditions

    Best 10 Government Schemes for Startups in India

    What Is Multiplier Grants Scheme?

    The Multiplier Grants Scheme (MGS) intends to stimulate collaborative Research and Development between industries and academics and R&D organisations. The functional aspect of the MGS Scheme revolves around industries contributing to R&D to create items for commercialization at the institutional level. The attraction of participation comes in the form of the government contributing the same amount as given by the industry if the proposal is accepted. However, a combined proposal made by industry and R&D institutions has to be submitted for approval of financial assistance to the government.

    Value of Startup Funding Across India from 2015 to 2021
    Value of Startup Funding Across India from 2015 to 2021

    MGS Objectives

    There are a number of things that the Indian Government hopes to accomplish through this scheme:

    • Establish, nurture and deepen the ties between research institutes and the industry.
    • Encourage and focus on industry-oriented research and development to boost trade.
    • Speed up the development of indigenous goods and services.
    • Commercialization and Globalisation through collaborative work.

    MGS Implementation Process

    To make it effective and efficient MGS has made a few suggestions about its implementation process:

    • Academic or R&D institutions should submit project proposals in collaboration with industry or industry consortiums. The suggestions for such collaborative research should come from the industry or industry consortium.
    • Depending on the availability of funds, proposals could be invited for up to 3 times in a year.
    • A working group within the department will examine and evaluate the proposal and may invite additional domain experts depending on what idea is under consideration. This group will make a recommendation for appropriate budgetary support.
    • The project’s financial and technical progress will be reviewed regularly by a Project Review and Steering Group (PRSG). PRSG will also have an industry partner on the panel. This group may also recommend grant release, continuity, extension, short-closure or even a new project.
    • Specified terms and conditions will apply to the proposed scheme’s grants.

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    Who is Eligible for Multiplier Grants Scheme?

    • The idea and proposal for collaborative research should be industry-specific and presented jointly by the industry or industry consortium and R&D institution. This project proposal should be submitted to DeitY under the MGS program.
    • The application of such a proposal must be for E&IT innovation in modules, products, packages or services. Due consideration and evaluation will also be given to projects that include prototypes and packaging for commercialization.
    • The proposal’s focus must be the primary business of the industry.
    • The chosen institute must have the necessary skills and experience in the suggested field of research. The factors to be taken under consideration are:
    1. The number of professional courses offered by the institution
    2. History of prior research work and projects completed
    3. Number of papers published
    4. Any industry collaborations
    5. Institute’s existence for at least 5 years
    • The project submission should include market research on modules, products, packages and services to be created. The innovation’s output should be technically and commercially viable.
    • Some necessities that are must-haves for the industry are:
    1. Staff and technology absorption capacity.
    2. Existing or detailed plans for procurement of Infrastructure for in-house production.

    Benefits of Multiplier Grants Scheme

    The Government of India has initiated this scheme with expectations to derive benefits that will positively affect the growth of the nation and contribute immensely to the economic development of the country.

    • All projects undertaken will be focused towards market-oriented R&D.
    • Improvement in the relevance of education and training.
    • Industry will be aided towards mobilization of technology and building skills.
    • Indigenous new products will be cost-competitive and able to respond quickly to market demands.
    • Incentives and royalty sharing will contribute towards recruiting and retaining qualified personnel in academia and R&D labs.
    • Close collaboration between industry, academia and R&D may contribute to a rise in the number of entrepreneurs.

    MGS and Its Terms and Conditions

    Largely, the MGS’s focus is to improve the entrepreneurial scene in the country and to boost the country’s economy through collaborative innovation and growth. There are other terms and conditions of the scheme that ensure that its benefits and resources give the country an edge on the international stage.

    • Greater support will be given to innovations that are a breakthrough rather than incremental.
    • The innovations generated through these projects must be kept in India by the corporations.
    • The IPR must be located in India so that the country has access and control over it in the event of a national emergency.

    Conclusion

    With this level of support and encouragement from the Indian Government through the MGS Scheme, progress and growth are on a fast track and new innovations are a near-future reality. The new and budding entrepreneurs have a base support system to build innovation-led businesses that are technologically and commercially viable.

    FAQs

    What is Multiplier Grants Scheme?

    Multiplier Grant Scheme intends to stimulate collaborative Research and Development between industries and academics and R&D organisations. The functional aspect of the MGS Scheme revolves around industries contributing to R&D to create items for commercialization at the institutional level.

    How do I apply for a Multiplier Grants Scheme?

    The idea and proposal for collaborative research should be industry-specific and presented jointly by the industry or industry consortium and R&D institution. This project proposal should be submitted to the Department of Electronics and Information Technology under the MGS program.

    What are the government schemes for startups?

    Some of the most popular government schemes for startups are:

    • Pradhan Mantri Mudra Yojana (PMMY)
    • Multiplier Grants Scheme (MGS)
    • SAMRIDH Scheme
    • Startup India Seed Fund
    • The Venture Capital Assistance Scheme (VCA)
    • Stand Up India Scheme
    • High Risk – High Reward Research

  • Garib Kalyan Rozgar Abhiyan – Scheme to Provide Employment to Millions of Migrant Workers

    With the Economy of India badly affected due to the COVID-19 pandemic add the loss of jobs for lakhs of migrant workers during the lockdown, a scheme by the name of ‘Garib Kalyan Rozgar Abhiyan‘ or ‘Rural Job Scheme’ was launched by the Honourable Prime Minister of India, Narendra Modi in the district of Bihar on 2oth June 2020 to cope up with this problem. The scheme will support migrant workers and other rural workers by giving them jobs and livelihood support. The scheme was launched by the PM via video conferencing. The Chief Minister of Bihar, Nitish Kumar was also present at the video conference when the scheme was launched.

    After the scheme was launched, Nitish Kumar informed the PM that he interacted with the migrant workers who came back to their homes in Bihar during the lockdown. He said that the workers now want to work in Bihar only and do not want to leave as migrant workers to other states. He also said that the scheme will be greatly beneficial for these workers and that it is a gift from the Central Government to them. He also promised to include these workers in other schemes of the Bihar State Government.

    How the Scheme Came Into Existence?
    What Will the Garib Kalyan Rozgar Abhiyan Provide?
    Benefits of Garib Kalyan Rozgar Abhiyan

    How the Scheme Came Into Existence?

    Prime Minister, Narendra Modi interacted with some of these migrant workers and tried to understand the problems that they are currently facing. According to Prime Minister Modi, he got the idea from migrant workers that were quarantined in a school building in Unnao, Uttar Pradesh. Instead of wasting their time, they utilized their skills and painted the whole school as an act of gratitude. The PM addressed all the migrant workers of Bihar and informed them that they will be getting jobs in their own state under the scheme, and urged them to use their talents and skills for taking their villages forward and for the overall development of Bihar.

    PM Modi Launches Garib Kalyan Yojana

    What Will the Garib Kalyan Rozgar Abhiyan Provide?

    The scheme will provide 125 days of employment under 25 sub-schemes to the migrant workers of 116 districts. These 116 districts are spread across 6 states including Bihar. The other states are Uttar Pradesh, Rajasthan, Madhya Pradesh, Jharkhand, and Odisha. The scheme aims to provide guaranteed employment to about 6.7 million migrant workers.

    The scheme will mainly focus on the development in rural areas. It will contain projects such as the building of roads, the building shelters for animals, drinking water supply, house constructions, the building of community toilets, and more in which the workers will be employed. The scheme has been launched with a budget of ₹50,000 Crores which is roughly half the budget for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), previously known as the National Rural Employment Guarantee Act (NREGA) which aims to provide 100-day employment to almost 140 million workers of rural areas. Some of the state governments have requested to increase the employment period to 150 days to provide jobs to many workers who have returned to their native places all over the country amid the lockdown. In 2021-2022 the budget of th scheme increased and become ₹98,000. In 2022, total 3.62 billion person days of work were provided.
    The MGNREGA has seen a sharp rise in the number of people applying for jobs since May, the reason that many people have lost their jobs due to the lockdown. The new ‘Rural Jobs Scheme’ or the ‘Garib Kalyan Rozgar Abhiyan’ will help overcome the unemployment in rural areas to a large extent. This scheme will also give a boost to the Indian economy which is currently at a standstill. It will help many workers by giving them employment in their own states.

    Benefits of Garib Kalyan Rozgar Abhiyan

    Some of the benefits of Garib Kalyan Roazgar Abhiyan schme are:

    • It will create employment opportunities for migrants.
    • It will create good infrastructure and the rural area will experience developement.
    • There are number of different works that are given to the workers according to their skill and they will have employment for 125 days.
    • The rural livelihood will experience a development with the help of the scheme.

    FAQs

    When was Garib Kalyan Rojgar Abhiyaan launched?

    Garib Kalyan Rijgar Abhiyaan was launched in 20 June 2020.

    Who launched Garib Kalyan Rojgar Yojana?

    Prime Minister Narendra Modi launched the Garib Kalyan Rojgar Yojana.

    What is Garib Kalyan Rojgar Yojana?

    Garib Kalyan Rojgar Yojana is a scheme that will provide migrants and rural workers with job or livelihood for 125 days.

  • Top 9 Schemes Financing Women Entrepreneurs in India to Fly High and Shape Up their Dream

    India has been the victim of patriarchy for ages and this has led to the downfall in women-specific matters. Earlier, various social taboos restricted women from studying and working. Entrepreneurship was something out of reach for them. But in recent decades, things have changed a lot.

    Women have now achieved a lot. Not a single sector is being left where they are not successful with flying colours. Despite restrictions and lack of social support, women’s entrepreneurship is rising. As a result, the government has taken steps to boost women to come forward and give way to their dreams and career.

    Gone are the days when lack of capital was a barrier for women to start a business. Several schemes and benefits are being introduced by big organizations for women’s development. Also, this development is heading towards the economic growth of the nation and it is an inspiration for many.

    A report by TOI states that more than 1 lakh projects are running under the Prime Minister’s Employment Generation Program since its start. Well, if you are a woman and have a top-notch business plan, you are in the right place. Read out the article below to find out which scheme suits you the best.

    Annapurna Scheme
    Udyogini Scheme
    Stree Shakti Scheme
    Bharatiya Mahila Bank Business Loan
    Cent Kalyani Scheme
    Mudra Yojana Scheme
    Dena Shakti Scheme
    Mahila Udyam Nidhi Scheme
    TREAD Scheme

    Annapurna Scheme

    The State Bank of Mysore and Bharatiya Mahila Bank is offering Annapurna Scheme to women interested in starting a food catering business. This government launched scheme provides a loan of up to Rs 50,000. Further, the loan is being used as working capital to buy products such as utensils and kitchen equipment.

    Moreover, a guarantor and collateral in the form of the asset are needed to avail this scheme. The best part of this scheme is that you can repay the amount within three years.

    Also, women who avail of the loan get a grace period of one month before the repayment process begins. But, the interest rates depend on the market rate. The lender gets the benefit by not paying the EMI for the first month.

    Udyogini Scheme

    Udyogini scheme was started by Women Development Corporation to provide loans to women who want to start their small ventures. In this scheme, any woman who wants to start a business categorized under 88 small-scale industries will get a loan of up to Rs 3 lakhs.

    The industries include fisheries, groceries, trailering, poultry, dairy, bakeries, etc. Apart from that, if someone starts a business in the agricultural sector, they will be provided with an interest-free loan.

    Besides, the government also proposes to give up to 30% subsidy on loans to make the repayment affordable for women entrepreneurs. Moreover, the scheme also offers training to women about business planning, pricing, and feasibility. The scheme helps micro industries to grow and support underprivileged women from rural areas to earn their livelihood.

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    Stree Shakti Scheme

    Started by various branches of SBI, this scheme is beneficial to women entrepreneurs associated with the Entrepreneurship Development Program (EDP) run by the state agency.

    Women with majority ownership in small businesses are eligible for this program. Here, women can avail of a 0.5% concession on loans above Rs 2 lakh, and no security is needed when the loan amount is up to Rs 5 lakhs. Also, you can avail of a loan of up to Rs 50 lakhs.

    Bharatiya Mahila Bank Business Loan

    The scheme, implemented by Bhartiya Mahila Bank merged with the State Bank of India. It is a boon for women who want to run their businesses in the retail sector. The scheme allows for a loan of up to Rs 20 crore for a manufacturing enterprise.

    Also, a concession to the extent of 0.25% on the interest rate ranges higher starting from 10.15%. Besides, the collateral-free loan is being offered up to Rs 1 crore under CGTMSE (Credit Guarantee Fund Trust For Micro and Small Enterprises) cover.

    Cent Kalyani Scheme

    The Cent Kalyani scheme was started by the Central Bank of India. It offers loans to women involved in Micro, Small, and Medium Enterprises, retail trading, or any agricultural practices.

    Here, a loan of up to Rs 1 crore is offered to women entrepreneurs without any collateral or guarantor. The interest rate in this scheme depends on the market rate. Additionally, it requires no processing fee and the tenure is of up to 7 years.

    Mudra Yojana Scheme

    The Mudra Yojana Scheme or the Pradhan Mantri Mudra Yojana (PMMY) scheme was launched in 2015 by the government of India in order to help the startups and entrepreneurs in India. A “government scheme for small units” is also a great initiative for the women entrepreneurs and entrepreneurs-to-be who are willing to start with small enterprises like beauty parlors, tailoring stations, tuitions etc.

    With the Mudra scheme, loans worth Rs 50,000 – Rs 50 lakhs can be availed of by women. Here, they should only have to provide collateral and guarantors in case the loan amount they request is over Rs 10 lakhs. The 3 plans that are under this scheme are:

    • Shishu plan – This extends loans up to Rs 50,000 for new businesses.
    • Kishor plan – This offers individuals and businesses loans that range between Rs 50,000 and Rs 5 lakh for the enterprises that are already established.
    • Tarun plan – This extends loans between Rs 5 lakh and Rs 10 lakh for the expansion of businesses.

    Dena Shakti Scheme

    Dena Shakti Scheme is one of the schemes offered by the Dena Bank, which empowers women entrepreneurs, where the women who are employed in the fields of agriculture, retail, manufacturing, are small enterprises or micro-credit organizations are hugely benefitted. The Dena Shakti Scheme offers women entrepreneurs up to Rs 20 lakhs for the women employed in the above-mentioned categories, whereas it extends loans up to Rs 50,000 in the micro-credit category.

    Mahila Udyam Nidhi Scheme

    Mahila Udyam Nidhi Scheme is another scheme centered on the women entrepreneurs of India. Launched under the Small Industries Development Bank of India (SIDBI), this scheme offers the women entrepreneurs of the country financial aid up to Rs 10 lakhs, which they can use to set up small-scale ventures. The upgrading and modernisation of the existing products are another vertical that is greatly empowered by the Mahila Udyam Nidhi scheme. The funds received through this scheme allow the women business leaders to have a time span of 10 years within which they need to repay the funds they receive, where there is a 5-year moratorium period.  

    The TREAD Scheme, expanded to Trade Related Entrepreneurship Assistance and Development, is a government of India scheme that is focused on women who lack access to bank credit. Providing for business projects, conducting training and counselling sessions are some of the main focuses of the TREAD scheme. The scheme provides up to 30% of the total project cost via the government grant as per the assessment of the lending organisations, while the remaining 70% would be financed by the lending institutions themselves. The TREAD scheme offers a maximum of Rs 5 lakh per project.

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    Conclusion

    With the onset of women entrepreneurship in India and its fast-rising growth, government and non-government institutions are keen on supporting them. Fund generations and capital formation is now not a barrier anymore for women who either want to start a business as their dream project or want to earn their livelihood. The economy now needs contributions from women with the belief in their talent and hard work.

    If you are one of them who want to start a business at an early age as your dream career or think of supporting your family, go on to avail the benefits of the schemes and funds by several institutions.

    Now no more struggling to collect funds and no more arguments with family. Your power is within you. You need to wake up and make yourself aware of the benefits that revolve around you and are meant for you.

    FAQ

    Which scheme is meant for women entrepreneurs?

    Annapurna Scheme, Udyogini Scheme, Stree Shakti Scheme, and Cent Kalyani Scheme are some of the schemes that are boosting women entrepreneurs.

    How do I become a female entrepreneur?

    Becoming a female entrepreneur is not easy still in this male-dominated society. Having a clear vision, identifying market opportunities duly, learning business skills, networking, planning finances are some of the fronts that a woman entrepreneur should develop on.

    Who is the most famous female entrepreneurs?

    Indra Nooyi, Vandana Luthra, Falguni Nayar, Kiran Mazumdar Shaw are some of the most famous entrepreneurs in India.

  • Will the Central Bank of India become a Private bank? | Why is the Government Privatizing banks?

    The Government of India had made a number of announcements and plans in the Union Budget of 2021-22 and one of the major plans was in regards to disinvestment of privatization. In this article let’s look at the plans of the Government in regards to privatizing the banks and whether the Central Bank of India would become a Private banking organization.

    Privatization of Public Banks – Latest News
    Reason Why Government is Privatizing the Public Banks
    Banks Officers’ Confederation on Privatization of the Banks
    FAQ

    Privatization of Public Banks – Latest News

    The Government of India had shortlisted 4 Public sector banks in order to privatize them in the fiscal year 2021-22. The four banks on the list are Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India.

    The Government of India has decided to privatize just two of these banks for now and according to certain reports NITI Aayog has decided to privatize the Central Bank of India and Indian Overseas Bank and their names were shortlisted by the organization.

    The report also added that the Bank of India will also be a candidate that is potential enough for privatization. In regards to disinvestment, NITI Aayog has submitted the names of two state-run banks and one general insurer to the secretaries of the committee.

    Reason Why Government is Privatizing the Banks

    The Modi Government has been pushing to sell all the assets that are owned by the Government in order to cover up the expenses for the Coronavirus Pandemic and to increase the revenue of the Government as it has spent a massive amount for the recovery from the pandemic.

    The announcement regarding the privatization of the banks was made during the Union Budget announcement of 2021-22. The Central Government has a target to gain around INR 1.75 lakh crore from the sale of stakes in the current fiscal.

    The Central bank of India and other public sector banks will probably become a private bank as the Government has already implemented it in many other sectors and to some banks as well. The country has only 12 public sector banks as compared to 27 in the year 2017.

    GDP of India
    GDP of India

    Banks Officers’ Confederation on Privatization of the Banks

    The Confederation of Bank officers does not seem to be much happy with the decision made by the Central Government. The officers had even called for protests and strikes regarding the case. The strike notice had conveyed the message that the decision of the Government in order to privatize the public sector bank is totally unwarranted and added that the requirement right now is to strengthen the public sector banks.

    It is found that the State Bank of India will be the only bank that would remain a public sector bank and the Government had justified this statement by saying that the bank is a strategic bank and it is responsible for the implementation of the public sector initiatives like expanding the rural credit.

    The Banking unions have conveyed that the same can be done to other public sector banks. They added that certain schemes such as MUDRA and Jan Dhan Yojana have been successful due to the vigorous implementation of the public sector banks.

    The unions also believed that during the pandemic they were an important part in implementing the measure in order to support the plans of the Government to provide liquidity and fiscal stimulus. Privatizing the public sector banks is like providing the money of the people to private hands with a different interest towards them.

    Conclusion

    The Government is also privatizing Air India, BPCL, and shipping corporations, and the process for it has already been started in the current fiscal year. The proposal regarding privatization is handled by DIPAM and the Department of Financial Services.

    FAQ

    Why do Governments Privatize?

    Privatization generally helps governments to save money and increase efficiency, where private companies can move goods quicker and more efficiently.

    What are some examples of privatization?

    Public sale of shares, Public auction, Public tender and Direct negotiations are some of the example of privatization.

    Which are the 2 banks that are going to be Privatized?

    The Government of India had shortlisted 4 Public sector banks in order to privatize them but has decided to privatize just two of these banks for now, which are the Central Bank of India and Indian Overseas Bank and their names were shortlisted by the organization.

  • Schemes Introduced By Government To Empower Women

    India has mostly been a male-dominated society and women in India have always been fighting for equality. There are a lot of issues persisting in India like female infanticide and child marriage. Women don’t actually feel safe in India. This is not just in India and is common in different countries and on the whole, the world is moving towards building a society that respects and treats women equal to men.

    With these issues, the Government of India is working on empowering women using various schemes. Now, we can find a lot of women trying to come out into the world in spite of having a conservative background. Most girls have access to a good education. Government of India has brought a lot of schemes into existence to make this possible and has been a huge contribution to this. Here are a few schemes introduced by Government for women empowerment.

    A Few Schemes Introduced By The Government Of India

    Bhartiya Mahila Bank Business Loan

    Women are making mark in all the fields. Although a huge number of women have emerged to be successful, there are plenty who needs motivation and support to start or continue their venture. Bhartiya Mahila Bank Business Loan is scheme that supports women by giving them loan upto Rs.20 Crore. This bank has the vision to provide economic empowerment to women. The loan limit via this source is Rs.20 Crores.

    Mudra Yojana Scheme

    It is a Government of India initiative that provides business loans to women who want to open day-care-center, beauty salon or a small venture like these. The loan granted loan amount lies in Rs.50,000 and Rs.50 lakh. Also this scheme does not require any collateral or guarantor if the loan amount is below 10 Lakh. The women are given Mudra cards with which they can withdraw 10% of their loan.

    Annapurna Scheme

    Most of the Indian women have a talent of cooking delicious food. This loan is provided to women in the food catering industry, still establishing their small scale businesses. The loan allows these women entrepreneurs to avail it as capital requirements like buying equipment and utensils, setting up trucks, etc. Under this scheme, women can sell packed food items and snacks which is one of the most common businesses that women entrepreneurs scope out and excel in since it is something that housewives have been managing all their lives and are accustomed to. This boosts their sales since they have a chance at better capital and new products to kickstart their business than they could otherwise afford. The loan limit is Rs. 50,000 under the scheme.

    Dena Shakti Scheme:

    This scheme is limited only to women entrepreneurs in the fields of agriculture, retail, manufacturing, are small enterprises The maximum limit is decided according to the sector they are exploring or planning to open business in. The loan limit is Rs.20 Lakhs

    Pradhanmantri Rojgar Yojana:

    The Pradhanmantri Rojgar Yojana (PMRY) supports women financially and socially. This scheme aims at creating skill-based, self-employment through women entrepreneurs and smart minds at work being utilized for monetary independence. This scheme covers both urban and rural areas and was developed through several amendments in cost, eligibility, and subsidy limits. The loan subsidy amount is up to 15% of the project cost with an upper ceiling of Rs. 12,500 per borrower as a restriction. The scheme applies to all types of ventures in industries, trade and services. The age limit is 35 years and loan limit for business is Rs. 2 Lakh while for service and industry, Rs. 5 Lakh.

    Udyogini Scheme:

    This scheme provides loans with low rate of interest, comparatively less than skyrocketing private sector banks. This is only valid for those who have a family income of less than Rs. 40,000 per annum. They especially encourage loans in the trade and service sector and the cap amount for the same is Rs. 1 Lakh.

    Mahila Udyam Nidhi Scheme:

    This scheme aims to meet the gap in equity. It promotes MSMEs and small sector investments in different industries to grow and excel in their areas. This also encourages the reconstruction of SSI units that are deemed incapable but are actually viable to save. A period of 10 years is given to the debtor to repay the loan and the limit for the loan is Rs.10 Lakhs.

    Beti Bachao Beti Padhao

    This is a social campaign that was launched in 2015 and is run by the Ministry of Women and Child Development, the Ministry of Health and Family Welfare and the Ministry of Human Resource Development. The initial funding was about 100 crores.

    The main reason for the government to come up with this scheme was that the child gender ratio kept declining majorly because of female foeticide and selective abortion. The main objective here was to save the girl child and also educate the girl child. This has proved to make girls financially independent and self-sustaining. With this scheme, girl child or birth of a girl child is celebrated and girls are encouraged to study and follow their dreams.

    Ratio of male to female in India
    Ratio of male to female in India

    One-Stop Center

    This is a 24-hour helpline dedicated to women. This was implemented with the help of the Nirbhaya fund. These are established in multiple locations in the country and has various services. This includes a shelter for women, legal or medical help, counselling and so on. The toll-free number is 181. They also provide video call facility to people who need to record a statement for police complain registration. This can be used even in case of domestic violence and sexual assaults. This has hence proved to be useful and is a place where women can open up and come up with their problems and try to get a reasonable solution for the same.

    Working Women’s Hostel

    Not all women in India have a safe place to stay. With crime against women rising in the country, it is a requirement for women to have a safe place to stay and travel to work. Under this scheme, the government provides a safe place for working women with the family. It also provides facility for daycare for kids. This can be availed only if the gross income of the woman is less than Rs. 50,000 per month in metropolitan and less than Rs. 35,000 per month in other cities. This is a very successful scheme as statistics prove that nearly 66,000 women have benefitted from this and more than 890 hostels have been sanctioned. A minimal rent is charged from them depending on whether it is a single bedroom, double bedroom or dormitories.

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    Rajiv Gandhi National Creche Scheme For The Children Of Working Mothers

    Services under Rajiv Gandhi National Creche
    Services under Rajiv Gandhi National Creche

    It is always difficult for working women to manage family and especially kids who are too young to take care of themselves. This scheme is for helping such women to take care of their children. This scheme provides daycare for the kids of working mothers. This is when the kid is 6 months old to 6 years old. The scheme also helps kids get better nutrition and hence improve the health of underprivileged kids. It has also proved to help kids develop emotionally and socially and also get some education.

    Many working women find this very useful and try their best to utilize this as they don’t just take care of kids but also make sure that they are healthy and educated in the meantime.

    SWADHAR Scheme

    This is to help women who are going through difficult times. This is more of psychological support. For example, there are women who are released from jail, survived through disasters, trafficked and rescued, run away due to issues, widows left out of the family and so on. This scheme is to help those women survive and get back to normal. This scheme also supports women who are affected by HIV and mentally challenged. Women in these situations are given proper psychological treatment and support.

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    STEP Scheme

    STEP here is short for Support to Training and Employment Program. This is to help women get themselves a decent paying job to support themselves and their family. They provide specific training to get a job or even become an entrepreneur.

    Mahila E-Haat

    Mahila E-Haat is to support women entrepreneurs. We know that there are a lot of women entrepreneurs in India now. This is an online marketing platform wherein entrepreneurs and Self-help groups can put up their products and let others know about it.

    Mahila Shakthi Kendra

    This is majorly for women in rural areas. This scheme was launched in the year 2017 to develop the lives of rural women. There are a lot of women, especially in rural areas who do not have the access to proper education and skill development. Under this scheme, women get access to digital education, nutrition, health and even skill development. They also get a chance for employment.

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    There are a lot of other schemes too. Government has been doing a lot towards developing women and ensuring the safety for women. There is not much awareness of most of the schemes yet. Promoting awareness of these can help women a lot in developing themselves and their family. Employment opportunities for women and mental support have now become essential for most of the women in the country and the Government of India is doing a good job with it. Better awareness and proper usage of these schemes can be a huge advantage.

  • Govt has Launched ‘Chunauti’ to Invite Startups to develop solutions for problems amid Pandemic

    Entrepreneurship is growing at a very rapid pace in India and to boost entrepreneurship, the Government has created an entire ministry dedicated to helping new businesses. The government has also taken initiatives by introducing many schemes to promote entrepreneurship. To provide financial assistance to entrepreneurs the Indian government has set up several different startup schemes to help boost the startup mission in India.

    Govt has Launched ‘CHUNAUTI'(Challenge Hunt Under NGIS for Advanced Uninhibited Technology Intervention) to invite Startups to develop solutions for problems amid pandemic.

    Who can Apply:

    • The challenge invites the proposals/applications from Indian Start-ups who are working in domain related to software product development.
    • Start-ups registered with DPIIT under start-up India programme are encouraged to participate in this programme.
    • Individual Academicians, Researchers, Educators, Entrepreneurs, partnership firms, LLPsmay also participate, however, if they are selected then they will have to register as a private limited company in stipulated time (preferably within 3 months).
    chunauti challenge
    Chunauti Challenge hunt

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    Startup Ecosystem facilitated through various government departments & programs

    • 4100+ Startups have benefited in the last year through various programs of the Central Govt.
    • 960 crore of funding has been enabled to Startups through various schemes
    • 828 Cr sanctioned funds for infrastructure

    Launching the competition, IT Minister Ravi Shankar Prasad said,

    “I urge the young, talented innovators of India to come forward and avail benefits of ‘Chunauti’ challenge of government and create new software products and app. This launch is a bold initiative under the clarion call for Aatmanirbhar Bharat given by Prime Minister Narendra Modi”.

    Key Domains:

    Participants in the challenge will be encouraged to develop products and technologies in five key domains

    • Edu-Tech, Agri-Tech & Fin-Tech Solutions for masses
    • Supply Chain, logistics & Transportation Management
    • Infrastructure & remote monitoring
    • Medical Healthcare, Diagnostic, Preventive & Psychological Care
    • Jobs & Skilling, Linguistic tools & technologies

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    Budget of the Programme

    The government has chosen a budget of over 95 crores over a period of 3 years for this program. This programme aims to identify around 300 startups working in identified areas.

    Financial Incentives/Funding Support:

    The startups selected through the challenge would be provided incubation support, mentorship, all relevant facilities, as well as funding support such as cloud credits from leading third-party service providers, seed funding of up to INR 25 lakhs, as well as INR 10,000 in monthly monetary support to each intern (startup in pre-incubation) for a period of six months to help them evolve their business plan and solution around the proposed idea.

    Timelines & Duration:

    • Application submission– Start Date- 10th August 2020
    • Application submission– End Date- 07th September 2020
    • Evaluation of Application- 21st September 2020
    • Announcement of the result- 28th September 2020

    With the objective to build a strong Eco-system for nurturing innovation and Startups in the country, these initiatives are introduced. The government is also taking steps to reduce the hurdles in the path of the startups. India seems to be going towards the era of entrepreneurship, as India ranks 63 in ease of doing business around the world.