Thinking of becoming your own boss? The indian government offers schemes, funding, loans, and incentives to help people start and grow businesses — even if you’re leaving a job behind. Here’s what you need to know.

💸 1. Loans Without Collateral: Get business Finance Easily

You don’t always need property or assets to get money for your startup. Government‑linked schemes like Pradhan Mantri Mudra Yojana (PMMY) provide collateral‑free loans up to ₹10 lakh for micro and small enterprises — ideal for new entrepreneurs.

Under Mudra:

Shishu: up to ₹50,000

Kishore: ₹50,000–₹5 lakh

Tarun: ₹5 lakh–₹10 lakh

These loans are perfect for starting a small business after quitting a job.

🧑‍💼 2. Credit Guarantee Helps You Get Loans Easily

If a bank hesitates to give you credit, schemes like the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) back your loan with a government guarantee — so lenders take less risk. That makes it easier to get money for your business without heavy security.

💡 3. Startup india Initiative — Recognition, Funding & Benefits

Registering your business under the Startup india Initiative unlocks perks like:

Access to funding via Startup india Seed Fund Scheme

Tax exemptions & compliance benefits

Incubation support and mentorship
This helps your new venture grow faster and smarter.

🌱 4. PM Employment Generation Programme (PMEGP)

The PMEGP scheme helps you start a micro enterprise by providing financial assistance and subsidies — especially useful if you want to launch a manufacturing or service business after leaving your job.

It offers:

Subsidy of 15–35% depending on category and location

Loans up to ₹10–25 lakh for new startups
This reduces your financial burden when starting out.

🧪 5. Innovation & Incubator Support From Atal Innovation Mission

If your business idea is tech‑driven or innovation‑focused, the Atal Innovation Mission (AIM) provides mentorship, incubation, prototyping support and networking through Atal Incubation Centres and Atal Tinkering Labs. This can help you turn ideas into real products and services.

📊 6. Tax & Compliance Benefits for Startups

Recognised startups can get:

Income tax exemptions for initial profitable years (Section 80‑IAC)

Simplified compliance and self‑certification under labour and environmental laws
These perks help you focus more on business growth and less on bureaucracy.

🏙️ 7. State government Schemes — Extra Help Locally

Several states also run special schemes:

Rajasthan’s chief minister youth Swarojgar Yojana offers interest‑free loans up to ₹10 lakh for youth entrepreneurship.

Delhi has launched a collateral‑free loan scheme up to ₹10 crore to support small entrepreneurs.

Startup funds in Uttar Pradesh are backing young innovators with seed money and incubation support.

These can make it even easier to start and scale your business.

🔎 8. How to Apply & What To Do Next

✔ Prepare a business plan: banks and schemes often require it
✔ Register your business/startup on official portals
✔ Apply for relevant loans & subsidies online
✔ Look for mentorship and training programs through incubation centres

Government support can significantly reduce risk when you transition from a job to entrepreneurship.

🌟 Bottom Line

Quitting your job to start a business doesn’t mean going it alone — the government has multiple real schemes to help with funding, mentorship, tax breaks, and startup growth. With planning and the right support, your entrepreneurial dream can become a reality.

 

Disclaimer:

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.