Page 40 - Banking Finance May 2022

ARTICLE

x) Easier Public procurement norms and minimum
requirements to get listed as a seller (xi Patent regime
to be simplified

xi) Dedicated fund of Rs.2500 crore for startups, as well
as a credit guarantee fund of Rs.500 crore rupees to
offer a cover for loans provided by banks
xii) Income Tax exemption for a period of the first three
consecutive years and also exemption on capital gains
& investments above the Fair Market Value and,
xiii) Easy winding up on completion of seven years from the
date of incorporation/registration and the turnover for
any previous year exceeding Rs.25 crores and also easy
exit from business under Insolvency and Bankruptcy
Code (3). These and other incentives are made available
under different schemes specially formulated for xiii) Support for International Patent Protection in
startups which are classified into traditional and new. Electronics & Information Technology

Startup Schemes: xiv) Cluster Development by Khadi and Village Industries
Commision (KVIC)
(A)Traditional Schemes:
xv) Grant to Professional Bodies & Seminars/Symposia in
These schemes aim to provide funds, banking, accountancy,
product description, overall development, legal backing, Science & Technology
branding, design, launching, publicity, marketing etc. These xvi) Establishing Collaboration between R&D Academic
schemes are launched by different Government institutions and Industry
departments/sponsored organizations such as National xvii) Grant for New-Gen Innovation and Entrepreneurship
Small Industries Corporation (NSIC) etc. and lending Development
institutions including Small Industries Development Bank xviii)Venture Capital Assistance Scheme for Agri-
of India (SIDBI), National Bank for Agriculture and Rural
entrepreneurs
Development (NABARD) and banks. The major traditional
schemes are meant for providing: xix) Stand-up India for SC/ST and Women Entrepreneurs
i) Support for International Patent Protection in x) SIDBI Sustainable Development Projects for Energy
Electronics and Information Technology Efficiency and Cleaner Production
ii) National Clean Energy Refinance Fund xxi) SIDBI- Make in India for enterprise and,

iii) Modified Special Incentive Package xxii) Working Capital finance by banks. Details of these
iv) Performance and Credit Rating schemes are available by visiting NSIC web-site (4).
v) Raw Material Assistance (B) New Schemes:
vi) Support for Promotion of Innovation i) Startup India Seed Fund Scheme, 2021- The scheme
provides seed funding, inspire innovation, support
vii) Entrepreneurship Development in Agro-Industry
transformative ideas, facilitate implementation and
viii) Coir Udyami Yojana undertake startup revolution. It aims to provide financial
ix) Udaan Training Programme for Unemployed Youth of assistance to startups upon verification of concept,
J&K prototype development, product trials, market entry
x) Loan for Rooftop Solar PV Power Projects and commercialization The scheme is expected to
support around 3,600 startups through 300 incubators.
xi) Dairy Entrepreneurship Development
It is also proposed to create a corpus of Rs. 945 crore
xii) Single Point Registration which will be divided over the next 4 years for providing

40 | 2022 | MAY | BANKING FINANCE