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Good News for Startups: What is SAMRIDH Scheme Launched By Govt. of India?

Online Legal India LogoBy Online Legal India Published On 28 Aug 2021 Updated On 06 Jan 2023 Category News

The MeitY (Minister of Electronics and Information Technology) Mr. Ashwini Vaishnaw has come up with an idea of supporting Startups in the initial phase with the SAMRIDH (Startup Accelerators of MeitY for Product Innovation Development and Growth) program.

The reason for launching the program is to encourage young entrepreneurs. The program is sponsored by MeitY Startup Hub (MSH). 

How can Startup Is All About?

The basic points of a startup are very exciting. One or more than one young innovative mind takes the helm to come up with an innovative and creative idea and they nurture the idea into a startup company. After LLP registration, a startup can be considered a Limited Liability Partnership Company. So, with Government assistance, after LLP registration, a startup will get legal aid also. 

What is Startup India All About?

TheStartup India’ is the Government program for catalysing the startups and creating an ecosystem for the startups where they can grow naturally. The DPIIT (Department of Industrial Policy and Promotion) is responsible for controlling the Startup India’ as the Union Government aims to create job creators and not job seekers.   

What’s the SAMRIDH Scheme is all about? 

The SAMRIDH scheme says the MeitY will support 300 startups and will select 100 startups for funding and mentoring purposes. 

Union IT Minister, Mr. Ashwini Vaishnaw said that India would scale-up the network of incubators and accelerators to phenomenal levels. 

How The SAMRIDH Scheme will Run in Future

The future of the SAMRIDH scheme is very bright for bringing the startups in the highlight. Rs. 40 lakh will be provided to the startups on the basis of their current development process and potentiality. The SAMRIDH scheme will go on in the future also and later, the total valuation of these startups will be $168 billion. So, after the incorporation of a Private Limited Company, a startup will be considered for getting assistance from the SAMRIDH scheme.    

What’s The Opinion of the MeitY Secretary on that Particular Matter?

The MeitY Secretary Mr. Ajay Prakash Swahney says that the selected startups will get adequate support from the respective department. All kinds of help will be provided to the startups that have the potential to be in the top league. 

The Vision of Union Government While Launching The SAMRIDH Scheme 

The Union IT Minister Mr. Ashwini Vaishnaw clearly states that the mission of launching the SAMRIDH scheme is the Union Govt. believes in startups as the latest wealth creator. The Union Government believes that if the creativity, intelligence, and effort of the youngsters can be tapped then it can be beneficial for the country. So, it will be beneficial for you to register a startup in India.

What Kind of Assistance You Can Expect to Get from Online Legal India™?

An innovative idea is always welcome. However, this is not enough. You need to handle company registration, Trademark registration, tax-related issues, and completing the legal formalities as well.

So, with LLP registration, and Private Limited Company Registration, you can think about another way which is OPC Registration in India. With the OPC or One Person Company, you can be the owner of your company.

So, with Online Legal India™, you can shape your company in the form you like it.

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