Programme To Accelerate Development for MSME Advancement (PADMA)
Dear-Businessman/Investors,
In Series of KIP: Business and Subsidy Update, today we are going to share with you an informative series i.e., “PADMA Entrepreneurship Acceleration Scheme” under Programme to Accelerate Development for MSME Advancement (PADMA) notification dated 29th November 2022 and re-notified in Gazette vide No. 12/2/2022-1IB-II dated 17th August 2023.
Objective:
The major objective of the scheme is to empower entrepreneurs, foster innovation. Through this scheme, the Government will provide financial support to start-ups inside/outside approved PADMA cluster to achieve their goals more quickly and effectively.
Quantum of Assistance:
A financial assistance shall be provided to start-ups related to approved product category inside the approved PADMA Cluster @ Rs.20 Lakh and outside the approved PADMA Cluster @ Rs.10 Lakh on innovative idea for proof of concept, prototype development, product trails, market entry and commercialization. This will help start-ups to progress to the next level where they will be able to raise investments from angel investors or venture capitalists or seek loans from banks/ financial institutions. The benefit will be provided to maximum 10 start-up units per PADMA cluster and 50 start-ups outside the PADMA cluster during the policy period on first come first basis across the State in that particular block around the identified product as mentioned in the PADMA policy.
Eligible Entities :
Under this scheme incentives can avail by an entity/organisation such as Proprietary, Partnership, Pvt. Ltd. Company, Public Ltd., LLP (Limited Liability Partnership) and Co-operative society etc.
Eligibility:
I. The entity should be registered and recognised as start-up from Start-up Haryana or as per guidelines issued for Start-up by Government of Haryana from time to time.
II. The address of registered office of the start-up entity should be in Haryana.
III. Start-up must have a business idea to develop a product or a service with market fit, viable commercialization, and scope of scaling related to approved product category.
IV. Start-up should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
V. The unit availing incentive under this scheme will not be eligible to obtain incentives under similar scheme of other Policies of the State Government.
VI. The unit shall have to use the PADMA logo on the product branding.
VII. The CLU/NOC/Industrial License as applicable obtained by IA for the said PADMA cluster, will be applicable for all the units inside the PADMA cluster.
Commencement and Applicability:
The scheme shall commence with effect from the date of re-notification of PADMA policy i.e., 17.08.2023 and shall remain in operation for a period of 5 years up-to 16.08.2028 or till the validity of the PADMA policy.
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