Government Schemes That Can Benefit Your Business

Government Schemes That Can Benefit Your Business

While it’s true that to achieve the full potential of your business, you need some resources along the way of growth, and as credit is one of these resources, there are more! The Government of India identifies this need among MSMEs and hence, has a list of schemes to better facilitate the growth of MSMEs.

We have made a list of these schemes to help you better understand these schemes and identify which one could benefit your business the best.

1)    Procurement and Marketing Support Scheme (P&MS)

         An initiative by the government to provide knowledge to growing businesses regarding participation in various National and International Trade Fairs, Exhibitions and Expos. This scheme also envelopes learning initiatives for business to understand various technological developments in the market. Businesses which are a part of this scheme can also gain access to the Government E-Market Portal to understand how to push their business to reach maximum potential.

To be eligible for this scheme, your business needs to be registered as a manufacturing or service sector at the Udyog Aadhaar Memorandum Portal.

To read more about the scheme, click here.

2)    Scheme of Fund for Regeneration of Traditional Industries (SFURTI)

         The aim of this initiative is to develop clusters of artisans and businesses mainly involved in the khadi, honey and coir industries to provide better talent enhancement along with providing higher marketability to products. SFURTI focuses on enabling traditional sectors to reach maximum profitability. Through this scheme, your business, if it fits under any of the above eligible sectors, can receive upto 8 crore rupees of funding for any specific project.

To better elaborate on the eligibility for this scheme, any MSME that falls under CSR, NGO, or a private MSME forming a cluster as a special purpose entity can reap the benefits of this scheme.

To read more, click here.

3)    A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship (ASPIRE)

          While incubating new businesses and promoting innovative growth among MSMEs, the main aim of the ASPIRE scheme is to promote entrepreneurship and generate employment. One of the scheme’s primary objectives is to turn the youth of the country into active entrepreneurs by incubating their business and converting them into job providers.

Considering that this scheme is quite vast in terms of the facilities that it offers, it covers three components which are Livelihood Business Incubation, Technology Business Incubation and Start-up Promotion through Small Industries Development Bank of India. Each of these components hold specific grant values that could be offered for certain businesses.

To read more, click here.

4)    Zero Defect and Zero Effect (ZED) Certification Scheme

         Through this scheme, the Government is focusing on inculcating zero defect and zero effect practices in the manufacturing processes and ensuring continuous improvement, to support the Make In India initiative. It includes creating awareness among MSMEs regarding the usage of high-quality tools/systems and energy efficient manufacturing. The financial assistance of this scheme covers 80%, 60% and 50% subsidy to Micro, Small and Medium enterprises respectively.

MSMEs that have registered under the Udyog Aadhaar Memorandum are eligible to apply for this scheme.

To read more, click here.

MSMEs form a vital part of the national economy of the country and knowing this, the government has formulated the above schemes to fuel the growth of the MSME industry at each step to help them reach their full potential.

To know about more schemes that have been released by the government, visit https://msme.gov.in/all-schemes

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