One of the most cited quotes, from one of the oldest scriptures of Sanatana Dharma—Manusmriti—talks about the importance of self-dependence, self-reliance and self–subsistence.
‘सर्वं परवशं दु:खं सर्वमात्मवशं सुखम्’
All that is in others’ control is always painful; all that is under one’s own control brings happiness.
Whether one is performing a menial job for someone or is employed in a small business or is a corporate honcho, the final word, is always of the owner, the promoter or the largest stakeholder.
The conundrum of commerce
One can get perks, one can be paid humongous sums of money, and one can get the corner office, but one’s will and independence never belong to the employee. Perhaps in anticipation of these civilisational challenges, since time immemorial, the Sanskriti (Culture) and Sabhyata (Civilization) of Bharat has been focused on creating self-sustained systems, whether in villages, in trade or in agriculture.
Over 36 items were manufactured in each village and the needs of each villager were fulfilled by a barter system. Any excess production was sent to the city and those cities would act as the pooling hub for trading where global visitors would come and purchase the best quality muslin, pottery, metals to spices as per one’s requirements and give gold in return. Those were the days when every traveller, every merchant and every learned person, wished to come to Bharat and get something from here in return for the arduous journey he or she faced to reach the soil of Bharat.
The Greed and the Industrial Revolution
However, the Industrial Revolution led to the rise of mass production. For producing large quantum of goods, an even larger quantity of raw material was sought. This led to the subjugation of self–sufficient harmonious civilizations across the globe.
For long, Bharat resisted, combatted, and thwarted the plans of Western and European oppressors but finally fell prey to them. Post-independence, Britishers left, but they left behind their cronies, their dewans and their ideologists who continued to seek slavery both in education and in employment.
In the present century, and especially in the last decade or so, Bharat realized the power of its market, the power of its intellect and the power of its ancient knowledge that was buried under the dead weight of shame, false identity and misconceptions. With some benign efforts, dust was removed from the ignored systems, culture and mechanisms established millennia back. The result was a rise in entrepreneurial opportunities as well rise in Unicorns.
The Sanskriti (Culture) and Sabhyata (Civilisation) of Bharat has been focused on creating self-sustained systems, whether in villages, in trade or in agriculture
Today Bharat stands tall with 110 Unicorns—third highest after the United States and China. Interestingly 90 Unicorns of 712 that are in the United States have Bhartiya as their founders or Co-founders.
What does it take to start a Startup?
An Idea. Some capital to bootstrap and lots of enthusiasm, excitement and ability to pitch. The idea, or the Problem, one is solving is the key to success. If the problem is impacting millions, one can get millions of dollars in funding to solve it, however, if the problem is creating challenges for billions, billions of dollars will chase the entrepreneur to solve it.
Even if one doesn’t have capital, and has a brilliant idea and equally brilliant grit to execute that idea and commercialize the solution, then capital will chase the idea.Thanks to Jan-dhan, followed by demonetisation, carried forward by digitisation, even access to this initial capital has been democratised.
Furthermore, the present government has initiated multiple schemes to promote and accelerate the culture of self-employment and entrepreneurship in Bharat.
Some of them have been mentioned below with relevant links, such that interested and determined entrepreneurs can pursue their passion and get benefits out of the government’s various initiatives. This is not an exhaustive list, however, one can connect with the author for any further details.
- Atal Innovation Mission (AIM) – Amongst many things to promote entrepreneurship in Youth, AIM’s flagship program is Atal Incubation Centres: “An ecosystem of Startups and Entrepreneurs”.
The Program provides a grant-in-aid of up to Rs. 10 crores for a maximum of 5 years to cover the capital and operational expenditures to establish the Atal Incubation Centres.
Furthermore, AIM provides a grant of Rs 2.5 Crores subject to a partner providing equal or greater matching funding to set up Atal Community Innovation Centres to promote innovation and technology adoption in unserved and underserved areas of the country. https://aim.gov.in/
- Startup India Seed Fund Scheme – Younger Startups and incubators not more than two years old under this scheme will be given funding of up to INR 5 crores. https://seedfund.startupindia.gov.in
- Startup India Initiative with taxation benefit- Startup that have been registered or incorporated between April 1, 2016, to March 31, 2024, is eligible to claim a 100 per cent tax exemption on their profit for 3 years in a block of 7 years. However, the company’s total turnover must not exceed 25 crores in a financial year. This is an excellent way of saving taxes and pumping those savings to grow the start-up even bigger.
- eBiz Portal – First G2B (Government to Business) platform to have seamless interaction, discussion, communication and then investments for Government, businesses and startups. https://www.india.gov.in/content/ebiz
- Software Technology Park Scheme (STP) – The STP Scheme is a 100% export-oriented scheme for the development and export of computer software, including the export of professional services using communication links or physical media. The scheme’s uniqueness is its undivided focus on a single sector – “Software”
This scheme has been able to integrate 3 fragmented frameworks, the 100 per cent Export Oriented Units (EOU), Export Processing Zones (EPZ) and the Science Parks/Technology Parks, that continue to operate as fragments or disjoint segments everywhere else in the world. Some compelling feature of the STP scheme is that it permits 100 per cent foreign equity ownership. Furthermore, approvals for STP are given under a single window clearance system. Additionally, an STP unit may be set up anywhere in Bharat, even in the most cosmopolitan location to the remotest un-connected areas. https://stpi.in/en/stp-scheme
Today Bharat stands tall with 110 Unicorns—third highest after the United States
and China
- Dairy Processing and Infrastructure Development Fund – This programme enables easy, swift and convenient debt funding to boost the dairy sector providing a mix of 80 per cent loan component and 20 per cent end borrower contribution, with a 10-year payment period and a year moratorium with a minimal rate of interest of 6.5 per cent p.a. https://dahd.nic.in/ schemes/programmes/didf
- Mudra Bank Scheme – Pradhan Mantri Mudra Yojana is a Government of India scheme, which enables small borrowers to borrow from banks, MFIs (Micro Finance Institutions), NBFCs (Non-Banking Finance Cos) for loans up to 10 lakh for non-farm income-generating activities.
Usually, loans up to 10 lakh issued by banks under Micro Small Enterprises are given without collaterals. For sums of Rs. 50,000 to Rs. 5 lakh, the interest rate ranges from 8.60per cent and is based on the scheme’s guidelines and one’s credit history. https://www.mudra.org.in/
- Credit Guarantee Fund Trust for Micro and Small Enterprises – CGTMSE, guarantee cover is a system provided by the Central Government trust for the credit facilities to an extent of Rs 2 Crores, sanctioned without any collateral security and/or third party guarantees to both new and existing Micro and Small Enterprises (both in manufacturing as well as services). This plan worked well during COVID-19 when cash flows suddenly dried up for lots of SMEs and MSMEs. https://www.cgtmse.in/
- Multiplier Grants Scheme – By design government through this scheme wishes to promote industry-oriented R&D at institutes and bridge the gap between R&D, Proof-of-concept and commercialization. To increase the width of the scheme, the Government grants, for the individual industry, are limited to a maximum of Rs. 2.0 Crores per project with a max duration of each project being less than 2 years.
For the Industry consortium, Rs. 4.0 Crores and 3 years have been set. The Ministry of Electronics and Information Technology works closely with each project and monitors its progress, submitting a report every five years. https://www.meity.gov.in/content/multiplier- grants-scheme
Victor Hugo, the notable French poet and novelist once said, “Nothing is more powerful than an idea whose time has come.” With the approach of AtmaNirbhar behind any and every activity occurring in Bharat, the emergence and resurrection of Entrepreneurship is Un- doubtful.
