PADMA Entrepreneurship Acceleration Scheme

Empowering Innovation: Haryana's PADMA Entrepreneurship Acceleration Scheme for Start-up Development

Introduction :

The Haryana Government has launched the "PADMA Entrepreneurship Acceleration Scheme" to provide early-stage capital to startups, aiming to accelerate their development and market entry. This scheme is part of a broader initiative to empower entrepreneurs and foster innovation in the state.

Objectives and Quantum of Assistance :

The scheme offers financial support to startups for proof of concept, prototype development, product trials, market entry, and commercialization:

INR20 lakh for startups within PADMA clusters.

INR10 lakh for startups outside PADMA clusters.

This support is intended to help startups reach a stage where they can attract further investment or funding from various sources.

Eligibility Criteria : 

Startups must be:

Registered with Start-up Haryana or as per state guidelines.

Based in Haryana.

Working on innovative products or services with potential for commercial success.

Using technology in their core products, services, or business models.

Startups must not have availed similar incentives under other state government schemes.

Application and Documentation :

Applications are to be submitted online via the Directorate of MSME portal, accompanied by a range of documents including business plans, technological details, and financial projections. A detailed assessment by the Directorate of MSME and Project Management Unit follows, with a period allowed for rectifying any deficiencies.

Procedure for Disbursement and Appeals :

The scheme's approval and financial assistance are sanctioned by a designated committee, including representatives from the Directorate of MSME, SIDBI, and industry associations. Startups must present their business ideas and plans to the committee for review.

Penalties and Recourse :

Incase of any false claims, the startup must refund the assistance with a compound interest rate of 12% per annum and may face legal actions. Additionally, they could be barred from public procurement and other state incentives.

Conclusion :

The "PADMA Entrepreneurship Acceleration Scheme" is a key component of Haryana's strategy to enhance its innovation ecosystem. By financially supporting early-stage startups, the state aims to cultivate a more dynamic entrepreneurial environment that contributes to economic growth and job creation.

Rapid Consulting's Role in Facilitating the Process :

Rapid Consulting provides expert services to assist startups in Haryana with the 'PADMA Entrepreneurship Acceleration Scheme' under the PADMA policy. They guide startups through understanding the scheme's eligibility requirements, preparing and submitting applications, and ensuring compliance with the scheme’s guidelines to maximize early-stage capital benefits for innovative product development and market entry.

Impact of the Scheme on Haryana's Industrial Growth :

The scheme aims to stimulate Haryana's industrial growth by providing financial support to startups for developing prototypes, proof of concept, and market entry strategies. By empowering entrepreneurs and fostering innovation, it seeks to accelerate the commercialization of new products and services, thereby enhancing the state’s competitiveness in various industries.

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Future Prospects and Enhancements :

Future enhancements could include expanding the eligibility criteria to encompass a broader range of innovative projects, increasing the funding limits to support more extensive startup activities, or extending the scheme's duration beyond its current terms. Further integration with other state and national innovation and entrepreneurship initiatives could amplify its impact and reach.

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FAQs?

What is the PADMA Entrepreneurship Acceleration Scheme?

This scheme provides financial assistance to startups for early-stage development activities, offering up to INR 20 lakh within PADMA clusters and INR 10 lakh outside, targeting a maximum of 10 startups per cluster and 50 across the state.

Who is eligible for this scheme?

Startups that are registered with Start-up Haryana or other recognized entities, operating up to ten years from incorporation, and have not exceeded INR 100 crore in turnover in any financial year.

How does an enterprise apply for this scheme?

Applications must be submitted online through the Directorate of MSME's portal, with all necessary documents and a detailed business proposal.

What are the financial benefits of participating in this scheme?

Financial assistance of up to INR 20 lakh for startups within PADMA clusters and up to INR 10 lakh for those outside, intended to support various stages of product development and market entry.

What happens if incorrect information is provided in the application?

Incorrect information can result in the repayment of the assistance with a 12% compound interest rate, legal actions, and disqualification from future state incentives.

How does Rapid Consulting assist in this process?

Rapid Consulting facilitates the entire process, from application preparation to ensuring compliance and proper use of funds, helping startups maximize the benefits of the scheme and successfully bring their innovations to market.

Target Sectors in Haryana :

The PADMA Unit Scheme under the Haryana Government's Programme to Accelerate Development for MSME Advancement (PADMA) is focused on supporting micro, small, and medium enterprises across the state by enhancing their production capabilities and technological advancements. The scheme particularly targets MSMEs engaged in manufacturing or service industries related to the approved product categories within PADMA clusters, aiming to elevate their competitive edge in both domestic and global markets.

Eligibility for Existing Businesses and New Ventures :

Eligibility for benefits under this scheme is open to micro and small enterprises that are part of or plan to join the PADMA clusters. To qualify, enterprises must meet investment thresholds defined by the MSME Development Act and must be registered with Start-up Haryana or similar governmental bodies. They should be focused on innovative manufacturing or service projects that have potential for market success and scalability.

Integration with Other Subsidies and Incentives :

The PADMA Unit Scheme integrates closely with other MSME support initiatives under the PADMA policy but maintains distinct criteria and benefits to ensure targeted support. Enterprises benefitting from this scheme cannot claim similar incentives under other state government policies, ensuring dedicated and efficient use of resources for eligible units.

Application Process :

Applications for this scheme must be submitted online through the PADMA portal, with a comprehensive set of required documents and a detailed project report. The selection process includes a presentation to a committee, which assesses the viability and innovativeness of the projects. Successful applicants receive financial assistance to support various stages of product development and commercialization.

Geographical Preferences in Haryana :

While the scheme operates across Haryana, it focuses on promoting industrial development within designated PADMA clusters. These clusters are strategically chosen based on their potential to support MSMEs and drive regional economic growth, emphasizing balanced development across the state.

Summary :

The PADMA Unit Scheme is designed to catalyze the growth of MSMEs in Haryana by providing financial and infrastructural support. By fostering innovation and enhancing manufacturing capabilities, the scheme aims to elevate the profile of Haryana's MSMEs, making them competitive at a national and international level, and contributing to the broader goals of economic development and job creation within the state.

Why Choose Rapid Consulting? 

Specialized Expertise:

Our team at Rapid Consulting boasts in-depth knowledge of subsidy scheme, ensuring you get the most out of your investment.

End-to-End Assistance:

From initial assessment to final application, we manage the entire process, making it seamless and hassle-free for your business.

Maximized Benefits:

We ensure that you fully leverage the financial incentives available, boosting your company's growth and profitability. We offer a range of services tailored to the specific needs of MSEs seeking assistance for new, expansion, diversification, or modernization projects.

Consultation and Assessment:

Rapid Consulting begins by conducting thorough consultations with MSEs to understand their business goals, project requirements, and eligibility for subsidies. Through meticulous assessment, we identify opportunities for capital investment and determines the potential subsidy benefits.

Documentation Preparation:

One of the key services offered by Rapid Consulting is the preparation of all necessary documentation required for subsidy applications. This includes compiling financial statements, project proposals, and other relevant documents in accordance with the guidelines set by the subsidy scheme.

Application Management:

We take on the responsibility of managing the entire application process on behalf of MSEs. This involves filling out application forms, submitting documentation to the appropriate authorities, and ensuring compliance with all regulatory requirements.

Negotiation and Follow-up:

Rapid Consulting employs skilled negotiators to engage with government agencies on behalf of MSEs. We advocate for the best possible subsidy terms and follow up persistently to expedite the approval process and resolve any issues that may arise.

Subsidy Disbursement:

Upon successful approval of subsidy applications, Rapid Consulting facilitates the disbursement of funds to MSEs. We ensure timely processing of payments and assist in navigating any administrative procedures associated with subsidy disbursement.

Post-Subsidy Support:

Even after subsidy disbursement, Rapid Consulting continues to provide support to MSEs. This includes guidance on utilizing the funds effectively, monitoring project progress, and addressing any post-implementation challenges that may arise.

In summary, Rapid Consulting offers end-to-end assistance to micro and small enterprises in the PADMA cluster in Haryana, our comprehensive services encompass consultation, documentation preparation, application management, negotiation, subsidy disbursement, and post-subsidy support, ensuring that MSEs maximize their benefits and achieve sustainable growth.

How to Reach Us: 

Website :

Visit our official website for detailed information, service offerings, and to schedule an online consultation.

Direct Contac t:

Call us at +91-9467248028/9416506136or email info@rapidconsulting.in to discuss your needs directly with our experts.

Office Visit :

Our offices are open for in-person consultations at 134, Rapid Consulting, First floor Below Paysam Restaurant, Near Samsung Care. Lajpat Nagar, Rajgarh Road Hisar, Haryana-125001.

Here, you can meet with our consultants who can provide personalized guidance tailored to your business's specific circumstances. Engage with Rapid Consulting today to leverage their expertise in enhancing your business's financial and operational performance through the Collateral Free Credit Guarantee Scheme and other beneficial state initiatives. Whether online, over the phone, or in person, Rapid Consulting is ready to assist you in advancing your business goals in Haryana.