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The Main Schemes Pertaining to the It Field

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Are you an IT professional? Here are X schemes by GOI to help you become an employer!

Bored with your mundane 9 to 5 job? Do you gaze outside the window wondering how much more you could do rather than compiling programs and making zillion excel sheets. Are there days that you feel this corporate job has drained you of creativity and stripped you of you independent identity?

Then Government of India has the perfect opportunity for you to showcase what you’re really worth with the Start Up India scheme!

Announced by Prime Minister Modi on 15th August 2015, it is held up on the basis of three objectives:

  1. Simplification and Handholding
  2. Funding Support and Incentives
  3. Industry Academia partnership and Incubation

Currently India boasts of about 4500 tech start-ups which is a close third behind USA and UK. And why not when our countrymen have inspiration in the likes of Sachin and Binny bansal of Flipkart and Deepinder Goyal and Pankaj Chaddah of Zomato?

Though GOI has introduced a plethora of schemes over the years, most IT professionals regarding these schemes is only upto the Tax Exemption part.

The schemes are categorized under the Ministry heading them and for IT professionals the Ministry to look out for is the Ministry of Electronics and Information Technology:

1. Support for International Patent Protection in Electronics and Information Technology( SIP-EIT)

What is it about?

It pertains to IT services, technology hardware, Internet of Things and Artificial Intelligence. In fact, this is the most beneficial scheme for tech start-ups and MSMEs (Micro, Small and Medium Enterprises). It promotes innovation and growth of tech start-ups in ICTE (International Conference of Technology and Education) sector and furthermore paves the path for international patent filing.

Financial Benefits

Reimbursement is upto Rupees 15 lakhs per innovation or 505 of the total cost covered on patent filing and grants, depending on which is lesser.

Time Limit

It can be availed of till 30th November 2019

2. Multiplier Grants Scheme (MGS)

What is it about?

It pertains to it services, enterprise software, technology hardware, analytics, Internet of things and Artificial Intelligence. It aims to benefit start-ups and academia accelerators. It aims at amalgamating the Research and Development of industry and academics.

Financial Benefits

Individual Industry: 2 crores

Industry Consortium: 4 crores

Time Limit

Independent Industry: 2 years

Industry Consortium: 3 years

3. Software Technology Park(STP)

What is it about?

Another biggie for you guys! It deals with IT, fintech (technology supporting banks and finance), analytics, Artificial Intelligence and Enterprise Software. Beneficial for software companies, it is the government main tool for promotion and encouragement of software export. It allots inexpensive and convenient locations to deserving start-ups and provides data communication servers and incubation facilities.

Financial Benefits

Sales in the DTA up to 50% of the FOB value of exports is permissible.

Depreciation on computers at accelerated rates up to 100%.

Time Limit

5 years

4. Electronic Development Fund (EDF)

What is it about?

Deals with IT services, tech hardware, nanotech, enterprise software and Artificial Intelligence. They look out for startups in the fields of electronics, IT and the upcoming nanotech. It’s initial aim was to boost Electronic System Design and Manufacturing and make net import of electronic systems zero by 2020.

Financial benefits

It will seek out venture funds, angel funds and seed funds for startups.

Time Limit

No set time limit

5. Modified Special Incentive Package Scheme (M-SIPS)

What is it about?

It deals with Technology hardware, Internet of Things, aeronautics/aerospace & defense, automotive, non-renewable energy, renewable energy, green technology and nanotechnology. It mainly doles out benefits to electronics manufacturing start-ups.

It is also working towards the encouragement of Intellectual Property Rights seminar for Electronics and IT professionals as IP theft is a major issue in the current world of Information and Technology.

These are the main schemes pertaining to the IT field but if your start up is an amalgamation of multiple sectors then there are more schemes to look out for. It is true that start-ups might be a financial risk but who has reached anywhere high without risks? The only thing to keep in mind is that you must be aware of all the benefits the government will dole out for you.

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GradesFixer, 2019. The main schemes pertaining to the IT field. [online] Available at: <https://gradesfixer.com/free-essay-examples/the-main-schemes-pertaining-to-the-it-field/> [Accessed 19 September 2020].
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