Single Point Registration Scheme – Startup India Project Proposal

Startup India Project Proposal/Scheme is a drive by the Indian Government to create more employment opportunities and generate wealth, empowering the Indian economy. The Startup India project proposal aims to generate more and more services and products to provide employment, decrease the unemployment rate, and nurture the production, innovation, and startups in India. In recent years, the Government of India is empowering the development of MSME infrastructure by introducing many different schemes like single point registration scheme, marketing assistance scheme, performance and infrastructure development scheme, and many more. All schemes are controlled by the National Small Industries Corporation (NSIC), a government enterprise that works under the Ministry of Micro, Small, and Medium Enterprises.

The Government is the only biggest buyer of the number of goods and services. The Government of India in the year 1955-1956 launched a programme, the Government Stores Purchase Programme, intending to increase the share of buying from the small sector industries.

With this scheme of Single Point, Registration Scheme works the Startup India project proposal to empower the Indian economy, to boost the new emerging startups. The Startup India project proposal was introduced by Prime Minister Narendra Modi in 2016 to promote upcoming new startups in all business sectors.

Advantages of Startup India Project Proposal

The advantages of startup India project proposal is explained below-

Ease of work: The startup India project proposal simplifies the procedure for newcomers in order to motivate them. This contains steps like; the Government has built Startup India hubs where all the work regarding registrance, support, documentation, etc. is done. Secondly, an online portal has been released to ease the registration process. And last, the patent-related authority and registration are quick for the startups. 

Credit support: To motivate new startup projects, the Government has finalized to assist the projects financially. A corpus of Rs. 2500 crore every year up to 4 years, which means a total of Rs 10,000 crores, which the Government will invest in different new startups. And many more other funds are also included, which will exclude the income tax for the initial three years.

Advantages of Single Point Registration scheme

UnderPublic Acquisition Policy for Micro & Small Enterprises (MSEs) Order 2012, as mentioned by the Government of India, Ministry of Micro Small & Medium Enterprises, New Delhi vide Gazette Notification dated March 23, 2012, and amendment vide order no. S.O. 5670(E) dated November 9, 2018, all units under Single point registration scheme are allowed to avail the benefits-

• Free of charge tender sets to be issued
• Earnest Money Deposit exclusion from the payment
• MSMEs taking part in tender offering price in the band of L1 + 15% shall be permitted to supply up to 25% by decreasing their Price to L1 Price, where L1 is a non-MSME unit.
• Each department will set up a yearly goal of a minimum of 25% of the total annual purchases of products produced by MSMEs.

Easy norms for Startup India Project Proposal

 To promote startups, Government will exempt startups from the eligibility criteria of experience and turnovers, but not in quality and technical parameters. The startups also have to show how they are going to complete their project as per the requirements, and the startup should have their own manufacturing area in India. 

Eligibility Criteria

• MSMEs having UAM (Udyog Aadhaar Memorandum) are eligible for Single point registration scheme (SPRS)
• MSME are continuing their production but have not completed one year of establishment. They can procure Provisional Registration Certificate under SPRS with a monetary limit of Rs 5 lac, valid for only one year.

Credit Facility from Bank

To meet all the credit necessities of MSME units, NSIC has entered into a memorandum of Understanding with varied Nationalized and personal Sector Banks of India. Through syndication with these banks, NSIC facilitates MSME in accessing credit support from the banks. NSIC further assists MSMEs in completing the documentation for submitting the proposals to the banks and conjointly will follow up with the banks.

In credit facilities, MSMEs can approach credit from banks based upon their borrowing policy, and the main focus is given to the credit scheme by National Small Industries Corporation.

• It provides an ease to MSMEs to approach to a new bank or change of bank account to the other one.
• Helps in completing documentation
• The performance and credit scheme helps the MSME in getting a lower interest rate from the lending instructions.

SPRS, the startup India project proposal launched in 2015, focuses on making India’s vital startup ecosystem take it to greater heights. The scheme works to help the startups in different parts of the initiative to help them grow, to assist them where they are lacking, and also assist them financially. The Startup India Project also facilitates partnerships between the startup landscape and, therefore, the educational atmosphere in the country. The consultants no only help in the proper implementation of these schemes but also in assists them in new strategies for the startups. The Department for Promotion of Industry and Internal Trade is trying to upmarket its project to fulfill the wants of a startup proposal that’s quickly rising as a globally competitive market. 

Objectives of SPRS

The primary motive of the scheme is to increase the purchasing capacity of the Government from MSMEs.

• There is no doubt in this that Government is the largest body in purchasing the products from small sector units.
• Stores Purchase Programme during 1955-56, was launched to increase the purchasing capacity.

The validity of the registration in SPRS

The certificate of NSIC under the Single Point Registration Scheme is valid for two years. After two years, it will be renewed again after reviewing the performance of the small sector unit.

Aatmnirbhar Sena will promote MSMEs business and conduct seminars and workshops for enterprises, organizing training programs in association with corporate houses to generate employment opportunities. With full dedication, Aatmnirbhar Sena will cooperate with passionate entrepreneurs as well as young volunteers so that they can establish their respective startups and expand their businesses throughout India and even abroad. We will organize various seminars, social awareness programmes to make people aware of the government startup India project scheme so new upcoming young ideas will have a positive environment to establish their businesses. Aatmnirbhar Sena will provide assistance to all how to avail the benefits of the Single Point Registration Scheme, how to apply for the scheme, and all support possible.