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Introduction
Subsidy consultants are professional services firms that assist companies to identify, apply and claim subsidies and incentives offered by the Indian government.
With a complex web of schemes and regulations at both central and state government levels, subsidy consultants play a crucial role in helping businesses maximise benefits through appropriate subsidies.
This article provides an overview of government subsidies, the services offered by consultants, key schemes, and benefits of partnering with subsidy experts.
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Overview of Government Subsidies in India
The Indian government offers subsidies across major sectors such as agriculture, infrastructure, manufacturing, skill development, research and innovation among others.
Some key purposes of subsidies include supporting domestic companies, boosting exports, creating employment and addressing socio-economic objectives. The Ministry of Finance allocated Rs 3.3 lakh crore for major subsidies in 2022-23.
Key government bodies formulating and implementing subsidy schemes are NITI Aayog, Department of Commerce, Ministry of Skill Development and individual ministries overseeing sectors like food, fertilizers, infrastructure etc. Subsidies are provided in various forms like direct transfer of funds, tax exemptions, discounted loans, capital grants and more.
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Role of Subsidy Consultants
Subsidy consultants undertake end-to-end management of the subsidy process for companies. Some key services offered are:
- Identifying schemes that companies are eligible for based on their products, projects, sectors etc.
- Assisting with documentation and application preparation as per government guidelines
- Liaising with relevant authorities and following up on application status
- Ensuring timely submission of compliance reports and documents
- Verifying completion of projects/milestones for disbursal of incentives
- Guiding clients through claims settlement and fund receipt procedures
The consultants possess extensive knowledge of rules, eligibility norms and application processes to maximise subsidy benefits for clients.
Benefits of Hiring Subsidy Consultants
Some major reasons for businesses to hire subsidy experts include:
- Increased likelihood of application approval through accurate documentation
- Smoother application process due to consultants’ relationships with officials
- Faster verification and disbursals owing to consultants’ follow-ups
- Avoiding rejections/penalties by ensuring compliance with conditions
- Savings in time and effort needed to study schemes and manage applications
- Maximising monetary benefits by claiming subsidies companies are eligible for
Key Subsidy Schemes in India
Here are some major national and state-level subsidy schemes in India:
- Production Linked Incentive (PLI) Scheme – Offers 4-6% incentive on incremental sales for manufacturing units across 14 sectors like automobiles, solar, advance chemistry cell batteries etc.
- PMKVY – Provides training costs and rewards to skill development centers and trainees under the Skill India mission.
- FAME Scheme – Subsidizes purchase of electric vehicles by end-users and manufactures.
- SGST and IGST Export Incentives – Reimburses state levies on exports and provides duty credits scrips under merchandise & service exports.
- Mukhyamantri Anchal Amrit Yojana – Bihar scheme offering 90% subsidy on setting up milk processing units.
- Mukhyamantri Krishi Ashirwad Yojana – Jharkhand scheme providing subsidies worth Rs 25,000-35,000 for farm equipment and inputs.
Challenges and Growth of Subsidy Consulting
While subsidy consulting is gaining prominence, key challenges faced are cumbersome paperwork, delays in verification and claims settlement. Lack of awareness regarding newer schemes also leads to lower adoption.
However, with the government’s continued push for self-reliance and competitiveness, subsidy consulting has strong growth potential. Simplified application processes, lesser compliance burden and transition towards online platforms will enable more inclusive adoption of schemes.
Conclusion
Subsidy consultants serve as an invaluable guide for companies aiming to obtain incentives offered by the extensive range of government schemes in India.
Businesses across sectors stand to gain by partnering with experienced subsidy advisors right from scheme identification to the final disbursal of benefits. With prudent professional assistance, corporate entities can reap the complete rewards of the enabling subsidy environment in India.
