Your background is from product design and development. You have to check for the industries and services where you can apply this knowledge. You can get into software product development. Or you can get into specific product area. And you can offer services based on that. It helps if you can narrow down your liking in specific niche. Most of the people start business and services with things they are comfortable to run on everyday basis.
Some ideas for the business :
1. Product design consultancy
2. Product development manager services
3. Product manager consultancy
4. Product development outsourcing
As for the funding you have few options. You can read about some of the startup schemes being offered by banks and Govt of India. In case of indian government, there is one scheme named Startup India scheme. This scheme can be used to wave off your taxes for 3 years. Also you can get funding from banks and government under this scheme.
You can read about startup india scheme here : startupindia.gov.in/registration.php