UP government to come up with a start-up policy
The government would extend all support to start-ups to ensure their successful run in the state.lucknow Updated: Jan 15, 2018 13:32 IST
The UP government will come up with a start-up policy having a motto – ‘start-up in Uttar Pradesh’ – to help young entrepreneurs set up their own business ventures and generate employment.
- The biggest incubator would be set up in Lucknow. Both government and private sector companies would be invited to set up incubators.
- The state government would reimburse up to 75% of the expenditure incurred on infrastructure at these incubators by government companies and up to 50% to private companies up to maximum of Rs one crore.
- Those planning to set up incubators could also expect concessions on stamp duty, electricity tariff and 25% on rent, a maximum of Rs 10 lakh per year for five years
The government would extend all support to start-ups to ensure their successful run in the state.
The policy would be announced during the two-day investors’ summit starting from February 21. Industrialists from across the country would come to Lucknow to be a part of the event.
These start-ups could be in any field but the government’s emphasis would be on agriculture, health, education, Internet-related business and 3-D printing among others. To promote start-ups, the government would provide Rs 15,000 honorarium every month to them for one year.
The government would also provide an assistance of Rs 10 lakh to start-ups to market their products.
To bring industrial culture in the state, the government has decided to set up incubators and develop them as centres of excellence. An incubator is a place made available at low rent to start new small businesses.
At these ‘centres of excellence’, the government would promote several industry related activities, including machine learning, data cloud computing, artificial intelligence and cyber security among others.
For a centre giving excellent results, the government would provide Rs 10 crore assistance for five years.
To promote research in industry, the state government has also decided to provide Rs 2 lakh assistance to those applying for a domestic patent and Rs 10 lakh for an international patent.
Anil Kumar, principal secretary, MSME and export promotion, pointed out that the state government would lay special emphasis on promoting start-ups.