U.P. to announce revised Start-Up policy soon

the Yogi government proposes to give incentives of ₹5 lakh for making a product from a Start-Up idea and ₹7.50 lakh for launching it in the market. Start-Ups will also be given a monthly maintenance allowance of ₹17,500 for one year.

Lucknow: The state government is likely to bring about a revised Start-Up policy to promote self-employment in Uttar Pradesh.

New sectors have been included in the policy in view of practical needs, such as women-led Start-Ups, rural impact Start-Ups and circular economy, renewable energy, climate change and commercialisation Start-Ups to change the destiny of the state’s youth. (Pic for representation)

Following directives of chief minister Yogi Adityanath, the IT and electronics department was reviewing the Start-Up Policy 2020 to incorporate new incentives, said an official press release.

The state government may approve the new policy soon.

According to information, the Yogi government proposes to give incentives of ₹5 lakh for making a product from a Start-Up idea and ₹7.50 lakh for launching it in the market. Start-Ups will also be given a monthly maintenance allowance of ₹17,500 for one year. The target of setting up centres of excellence in the policy has been increased from three to 10, as per the press release.

Besides, new sectors have been included in the policy in view of practical needs, such as women-led Start-Ups, rural impact Start-Ups and circular economy, renewable energy, climate change and commercialisation Start-Ups to change the destiny of the state’s youth.

A need for amending the Start-Up Policy 2020 was felt in view of the fast development of the sector in the state and the changes that had taken place in the ecosystem in the last couple of years. The objective behind the revision is to rationalise the policy considering the performance so far, competition with other states and to meet the targets set for the proposed Global Investors Summit in January 2023.