Top Profitable Small Business Ideas in India
Private homes rather than in a factory, with the tools and other means of production individually owned. Often products produced by a cottage industry are hand-made and/or unique in some distinctive way. Cottage industry products are often identified with an area or even with a specific family. Often a cottage industry is run by members of a single family, although this is not necessarily the case. A cottage industry can also be a loosely or informally organized group with each member working out of their own home. While there is often a specialized interest in the non-mass-produced products of a cottage industry, a cottage industry often faces difficult challenges in distributing its products. Hundreds of thousands of people start their own businesses every year, and untold more dream about the possibility of becoming their own bosses. While entrepreneurship has its many potential rewards, it also carries unique challenges.
Startup India Stand up
Our Prime Minister unveiled a 19-point action plan for start-up enterprises in India. Highlighting the importance of the Standup India Scheme, Hon’ble Prime minister said that the job seeker has to become a job creator. Prime Minister announced that the initiative envisages loans to at least two aspiring entrepreneurs from the Scheduled Castes, Scheduled Tribes, and Women categories. It was also announced that the loan shall be in the ten lakh to one crore rupee range.
A startup India hub will be created as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding. Startup India campaign is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with jobs creation.
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem for nurturing innovation and Startups in the country. This will drive sustainable economic growth and generate large scale employment opportunities. The Government, through this initiative aims to empower Startups to grow through innovation and design.
What is Startup India offering to the Entrepreneurs?
Stand up India backed up by Department of Financial Services (DFS) intents to bring up Women and SC/ST entrepreneurs. They have planned to support 2.5 lakh borrowers with Bank loans (with at least 2 borrowers in both the category per branch) which can be returned up to seven years.
PM announced that “There will be no income tax on startups’ profits for three yearsâ€
PM plans to reduce the involvement of state government in the startups so that entrepreneurs can enjoy freedom.
No tax would be charged on any startup up to three years from the day of its establishment once it has been approved by Incubator.
Basically this book gives you the opportunity to choose your ideal project among the Profitable Small Business Manufacturing Ideas, Cottage and Tiny Industries. Some of them are: Squashes and Syrups, Ball Pen Ink, Neck-Ties, Electric Toaster, Plaster of Paris, Soya Products, Pickle Making, Neon Sign Boards, Electronic Burglar Alarm system for Automobiles, Chokes for Sodium/Mercury Vapour Lamps, Heat Treatment Servicing Unit, Electronic Industrial Timers, Castings for Auto Locks, Cashew Nut Shell Liquid (CNSL), Transistor Radio Sets (AM/FM), Shuttle Cocks for Badminton
The Standup India scheme provides handholding support for borrowers both at the pre loan stage and during operations. This would include increasing their familiarity with factoring services, registration with online platforms and e-market places as well as sessions on best practices and problem solving.
Margin money of the composite loan under the Standup India scheme would be up to 25%. Convergence with state schemes is expected to reduce the actual requirement of margin money for a number of borrowers. Over a period of time, it is proposed that a credit history of the borrower be built up through Credit Bureaus.
The Standup India scheme provides for refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs 10,000 crore.
Every year more than 800 tech startups are being set up in India. By 2020, a projected 11,500 tech-startups are going to emerge and will employ around 250,000 people.
During 2011-13 (compound annual growth rate growth)
- Yearly growth of 22 percent in number of investment
- Yearly growth of 47 percent in total value of investment
During 2013-15 (compound annual growth rate growth)
- Yearly growth of 153 percent in number of investment
- Yearly growth of 127 percent in total value of investment
Entrepreneurship is the quality of being a businessman, i.e. one who “undertakes an enterprise”. The term puts emphasis on the risk and effort taken by individuals who both own and manage a business, and on the innovations resulting from their pursuit of economic success.
1500 Multi Skill Training Institutes would be set up through active participation of industries under Kaushal Vikas Yojana in unserved blocks and areas with emphasis on imparting technical skills to the youth.
About 43 lakhs educated youth are unemployed in the northeast as on March, 2008. Out of which the maximum unemployed youths are located in Assam (about 22-50 lakhs) and the lowest is in Sikkim.
About 20 to 25% of the trained entrepreneurs have set up units/trading activities in different parts of the region.
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