Geographically speaking, India is a small country in size yet it is the third-largest nation after the US and Britain in regards to the introduction of new start-ups in the last few years. These start-ups include websites for small business owners such as Zomato, Paytm, Amazon, Ola etc. There are many more upcoming business ideas in India 2020 that are introduced by the government. The finance minister Nirmala Sitharaman has given the statement that “entrepreneurship is no longer being condemned as jugaad”. Rather, it is one of the characteristics of entrepreneurship.
Start-up ideas in India are gaining momentum after initiatives taken by the Government.
These initiatives are in the form of:
- Tax exemption; and
- Investment of funds behind these start-up ideas
These are the main tools that help in boosting the ecosystem of India. Further, build leadership traits that define big ideas in an entrepreneur. We have so many examples of uneducated successful businessmen in India. They are not only rich in the nation; rather the richest persons in all over the Asian business tycoons. They had also started with small ideas with big dreams.
Generally, people who want to start a business are confused about the type of business they want to start with. In a country like India, there are excellent business models to convert them into a successful start-up. They are not just only profitable in nature but also easy to start with small or even no investment. These startup ideas become easier after the recent launch of ideas introduced by the government of India.
Some examples of the best business ideas for a startup in the year 2020 are as follows:
- Home-based solar energy plant;
- Co-working space buildings;
- Solar electrical of smart grid industries
- Greenhouse set up for growing vegetables and fruits
The Indian government has introduced 50 + start-up business ideas for the upcoming year 2020 which are as follows:
Ideas introduced by the Ministry of Electronics and Information Technology (MEITY)
Support for International Patent protection in electronic and information technology (SIP – EIT)
The objective of this idea is to provide financial support for IT start-up for International patent filling and to motivate the ability of global IP along with grabbing the opportunity. In ICTE sectors the government has initiated funds worth Rs. 15 lakh on every project of 50 % total expenditure or whichever is less.
STP (Software Technology Park) idea
It is introduced with an objective to promote and boost the software companies to export from India. The government provides statutory and data communication services. This idea motivates the companies to plan and install the set-up in a convenient and expensive area.
EDF (electronic development fund) idea
It is introduced by (Deity) for IT, software and electronics sector to motivate start-up in the IT and E section. The objective was imagined to develop (ESDM) electronic system design and manufacturing sector to achieve “zero import” by 2020. This policy helps to invite venture fund, seed fund and angel funds for research and development in the particular area. Canara bank venture capital fund ltd is providing fund for this policy.
The idea for support of IPR awareness seminar or workshop in IT and Electronics sectors
This is also lead by (Deity) for IT and software and hardware technology. The eligibility for educational institutions and industry bodies for this idea should be fulfilled. It is compulsory to register with CPMS central plan idea is monitory system portal. It will provide:
- Awareness seminars; and
- Grant funding.
It grants 2 to 5 lakh to organization, industrial or educational institution and DEITY bodies.
Ideas introduced by the ministry of agriculture and farmer welfare
New-generation innovative entrepreneurship development center idea
These ideas are launched by the ministry of agriculture and farmer welfare for:
- Green technology etc.
It is being promoted by the educational institution, science and technology, academic institution to develop an institutional mechanism that creates an entrepreneurial culture and to foster tech-entrepreneurship for a generation of wealth and employment.
The venture capital assistance or the crowdfunding India idea
It is for the financial support of small farmers and producers companies. This financial support is in the form of interest-free loans by SFAC for the startup projects to meet their capital requirement through 41 banks of India.
These venture capital funds will be given 40% off promotion equity or 50 lakh which is lower. Venture capital in Mumbai is not new but this idea is new for another region of India.
Ideas introduced by the Ministry of MSMEs
Credit guarantee idea for Micro & Small Enterprises
These ideas are engaged in manufacturing or service activities. Its aim is to provide strength credit delivering system and it facilitates the flow of credit to MSE sectors. It provides 100 rupees per unit and security whichever is less in %.
The loan is given to the deserving entrepreneur who is having a good idea. And National small industry corporation is providing performance and credit rating idea with an aim to aware strength and weakness.
Raw material assistance idea
It is for the startup industries that are registered under MSME in India for the assistance of economic help like the bulk purchase or cash discount by the government of India.
SFURTI Idea of fund for the regeneration of traditional industries
It is for the NGO’s or governmental institution or local government institutions. The aim is to provide support and market for innovative and traditional skills.
Single point registration idea
It is introduced for small and micro enterprises to exempt from payment of earnest money deposit and will issue tender free from cost.
Aspire idea for promotion of innovative enterprises and agro-industries
This idea is to introduce it for agriculture, healthcare, pet and animal science industry. The main objective of this idea is to set up a network of technology center to accelerate entrepreneurship and promote start-up idea is in rural and agricultural-based industries.
Infrastructure development idea
The aim of the Indian government is to build commercial buildings and solve the office space issues of MSME. This idea is mainly for business ideas in Delhi, Hyderabad and Chennai. This idea is already in existence in the name of co-working space in Bangalore, Mumbai etc.
National awards idea for MSE’s
The Ministry of MSME’s is giving national awards for successful stories for entrepreneurship that were registered under the MSMEs record of India. These award-giving stories became motivational business stories for the other business entrepreneurs. And it promotes the business in the limelight.
This is introduced by the Indian government with an aim to support a project of Coir unit. The cost for support is provided up to Rupees 10 lakh or 1 cycle of working capital not exceeding 25 % of the project cost of business ideas.
International co-operation idea
This idea was in support of financial assistance and to make internationally competitive by technology modernization of MSMEs and promotion of export.
Credit linked capital subsidy for technology up-gradation and the bank credit facilitation idea is the other idea is cover under the same ministry.
Ideas introduced by the Niti Aayog
(AIC) Atal incubation idea
It is introduced under the same ministry another idea was to introduce for startup business idea that is or public, private and public-private partnership sector to encourage and support startup to become successful New-gen enterprise in India.
Atal tinkering laboratories
This idea is introduced by Atal innovative mission for green technology, agriculture, defence, and textile. The aim of this idea is to foster curiosity, creativity, and imagination in the new generation of India.
Ideas introduced by the Ministry of heavy industries and public enterprise
Enhancement of competitiveness in the capital goods sector of India
Competition is one of the hobbies that should be there is an entrepreneur. The aim of this idea is to increase and upgrade the Indian economy capital goods for global competition. The funds for this idea is providing by the technology acquisition fund program to acquire, assimilate and transferring the technology.
Ideas introduced by the Ministry of new and renewable energy
National clean energy fund (NCEF) refinance idea
This is headed by the agency of Indian renewable energy development. The objective of this idea is for renewable clean and green energy plants. To revive the existing operation of the biomass power and small hydropower projects.
This idea brings down the cost of the project for the enterprise by providing finance at concessional rate of interest. The source of funds is national green energy funds.
IRDEA idea for the concession of power bills
This idea was to introduce with aim to provide a discount of energy power bills of the applicant who were the existing borrower of the IRDEA.
Bridge Loan against generation-based incentives (GBI)
Generation based incentive claims are the loan schemes that are provided for grid-interactive wind and solar power project.
Loan for rooftop solar PV power projects
The aim of the idea is to support all grid-connected solar PV projects located on the rooftop.
Credit enhancement guarantee idea
It is for a renewable energy project of their developer to raise bond against it. It is an irrevocable partial guarantee to increase the credit rating.
Ideas introduced by public sector enterprise
Dairy entrepreneurship development
National bank for agriculture and rural development (NABARD) monitor this idea. It is applicable on food and beverages, pet and animal, agriculture and social impact industries. The objective of this idea is to make a change in the structure of the unorganized sector. So that initial processing of milk can be upgraded.
End to end energy efficiency (4E)
Small industries development bank of India headed this idea. The Small Medium Enterprises technology service ltd. (ISTSL) and the World Bank jointly introduce this idea. The objective of the idea is to implement the measure for energy efficiency and it provides help to startup by providing second-hand types of machinery or other equipment for use.
Pradhan Mantri Mudra Yojna (PMMY)
Micro unit development and refinance agency ltd. Monitor the idea. for a startup, you need a strong foundation for a successful business. This idea is for NCSB non-corporate small business segment. Under this idea, mudra loan is provided to all kind of manufacturing trading and service factor activity.
These loans offer incentives includes:
- Shisu loan up to rupees 5 thousand
- Kishore loan up to rupees 5 lakhs
- Tarun loan up to rupees 10 lakhs
SIDBI small industry development bank of India is monitoring this idea is applicable on enterprises where fifty-one per cent of hare holding is held by SC/ST or Woman entrepreneur the objective of the idea is to provide bank loans between 10 lakhs To 1 crore at least 75% of the project cost can the taken up in the terms of loan
Sustainable finance idea
This idea is based on one of the factors that consider before startup a business it is also headed by SIDBI. This idea spread awareness in the entrepreneur to save the energy resources and use it in an optimum manner. The objective of this idea is to use resources efficiently, cleaner production and sustainable development in the MSMEs.
SIDBI Make in India soft loan funds for micro and medium enterprises (SMILE)
This idea is applicable to all kind of industries either manufacturing or service. And for both newly established or already existing industries. The objective of this idea is to provide soft loans in a different nature.
Startup assistance idea
This idea is for those startup MSMEs that are defined under the MSMED Act, 2006 and they were suffering loss. Such industries should not be established more than the last 5 years. The objective of the Indian government to launch this idea is to provide financial assistance for the startup enterprise sector.
Growth capital and equity assistance
SIDBI introduce this idea for MSMEs that are defined under the MSMED Act, 2006. The object of the Indian government behind this idea is to provide assistance in terms of convertible equipment and debts or equity.
Ideas introduced by the ministry of science and technology
Industry relevant research and development
(SERB) Science and engineering research board monitored this idea. The objective of this idea is to support the idea is of the industries and academic institution (laboratories/R&D institutions) relevant under this idea. The idea is related to the problems of the industries or institutions.
There are certain other start-up ideas introduced by the ministry of science and technology are as follow:
- Technology development program (TDP)
- National science and technology management information system (NSTMIS)
- Biotechnology industries partnership programme (BIPP)
- Industry innovation programme on medical electronics (IIPME)
These were government schemes. However, there are private ideas as well that you could start with:
- Digital marketing;
- Content writing;
- Coaching center;
- Gym or aerobics center;
- Stitching and knitting;
- Baking confectionery products;
- Baking cakes;
- Making pickles and snacks items;
- Event management;
- Share marketing;
- Web developer;
- Graphic designer;
- Career counsellor;
- Personality development coach;
- Cooking classes;
- Home food delivery;
- services, etc.
Last but not least, these are some 50 + business ideas that you can go with. There are many more yet, first of all, you need to analyze your interests and skills that you are comfortable with. Wish you good luck with your new business start-up. Have a prospering and profitable business life ahead.