Chandigarh administration to unveil its start-up policy by year-end

In good news for budding entrepreneurs, the Chandigarh administration is finally set to roll out its dedicated start-up policy by December 31, four years after it was first conceptualised

In good news for budding entrepreneurs, the Chandigarh administration is finally set to roll out its dedicated start-up policy by December 31, four years after it was first conceptualised.

As part of the start-up policy, the Chandigarh administration will provide early-stage financing, interest-free loans, mentors, co-working spaces, and incubators to start-ups. (HT File)

As part of the policy, the administration will provide early-stage financing, interest-free loans, mentors, co-working spaces, and incubators to start-ups.

The UT will also provide entrepreneurs assistance in getting different registrations and certificates, organising finances and labour, getting environment-related clearances and navigating other bureaucratic regulations.

UT had started drafting the policy in 2018, three years after Prime Minister Narendra Modi unveiled the Start-up India Policy and directed UTs and states to frame their own policies, tailored to the needs of entrepreneurs in their regions. But owing to several flip-flops, the UT missed multiple deadlines for enforcing the policy.

After a recent meeting with stakeholders, the UT was finally able to arrive at a consensus. Industries secretary Hargunjit Kaur said the policy has almost been finalised and December 31 has been set as the deadline for the roll out.

UT adviser Dharam Pal said the policy will boost entrepreneurship and innovation in the city. “We will provide sufficient social and legal knowledge to young and innovative entrepreneurs to help them in their ventures,” he said.

Naveen Manglani, former president of the Chamber of Chandigarh Industries, said, “The UT is lagging behind as other states have already implemented their start-up policy. The administration must facilitate ease-of-doing business so that more entrepreneurs are drawn to the city.”

He added, “Though Chandigarh is an education hub in the region, with youngsters from Haryana, Punjab and Himachal Pradesh flocking to pursue higher education here, the city lacks job opportunities, which eventually results in brain drain. The problem gets compounded in the absence of a dedicated start-up policy.”

‘Chandigarh 2030 and Beyond’, a vision document released three weeks ago, had also taken note of the limited employment opportunities in the city. The document noted that the government was the major employer in the city, while adding that the number of higher education institutes were limited when compared to student influx from adjoining states — resulting in a lack of concerted efforts to impart technical skills that are crucial for the ever-changing work environments. The document also mentioned the need for rejuvenated efforts to bring digital jobs to the city —by reinventing the scope of IT Park, attempting to set up a film city or a media hub.

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What’s in store

Early stage financing: UT will set up a set up a seed fund for grant of initial corpus of ₹10 crore and total corpus of ₹50 crore over a period of five years.

Start-up ecosystem: A dedicated start-up fund to promote incubation centers, seed and scale-up funding, and other fiscal support to startup units.

Women entrepreneurs: A minimum of 33% of Chandigarh seed fund and interest-free loans will be dedicated to women-led start-ups that meet the eligibility criteria.

Intellectual Property Rights: Providing access to high quality intellectual property services and resources, including fast-track examination of patent applications and rebate in fees.