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Home / Cities / Manpreet Singh Badal announces ₹100-cr startup fund

Manpreet Singh Badal announces ₹100-cr startup fund

Also announced the reimbursement of registration stamp duty to first 100 startups every year

cities Updated: Feb 29, 2020 22:15 IST
HT Correspondent
HT Correspondent
Hindustan Times, Mohali
Punjab finance minister Manpreet Singh Badal
Punjab finance minister Manpreet Singh Badal (Keshav Singh/HT)

Punjab finance minister Manpreet Singh Badal on Saturday announced a ₹100-crore startup fund in partnership with IKG Punjab Technical University.

Besides, he said, an incubator will be established at Kalkat Bhawan, Mohali, to promote agri startups for which an executive committee comprising government officials and experts in the startup sector would be set up.

Delivering the key-note address at the TiECON 2020 here, Manpreet also announced the reimbursement of registration stamp duty to first 100 startups every year. The cost incurred on the registration of documents of a company with the Registrar of Companies will be reimbursed by the state government. The approximate requirement of funds will be between Rs 10 lakh to Rs 15 lakh per annum, which may be sourced from the corporate social responsibility (CSR) funds available with Punjab CSR authority, he added.

The startup fund will be a revolving fund with an initial amount of Rs 25 crore. Of this, 25% will be dedicated to promote startups by scheduled caste (SC) and women entrepreneurs.

Startup Punjab, in partnership with Startup India and the Foundation for Innovation and Technology Transfer, IIT Delhi, is organising capacity building workshops for women entrepreneurs across Punjab in March and April. There will be four workshops of two days each that will focus on providing mentoring to early-stage women-led startups and aspiring entrepreneurs.