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New policy to create 10,000 start-ups, 5 lakh jobs in Maharashtra

The state government has introduced a range of incentives for start-ups, including waiver on stamp duty and registration charges and patent registration

mumbai Updated: Jan 18, 2018 08:47 IST
HT Correspondent
HT Correspondent
Hindustan Times
Mumbai,Maharashtra,government
The Decendra-Fadnavis-led state government has introduced a range of incentives for start-ups.(FILE)

The Maharashtra government cleared a policy on Wednesday, which will effectively roll out a red carpet for innovative start-ups.

The state government has introduced a range of incentives for start-ups, including waiver on stamp duty and registration charges and patent registration. The policy also enables start-ups to participate in the bidding process even if they don’t have any previous experience. The decision was taken in the state cabinet meeting on Wednesday.

With the policy, the government intends to develop 15 incubators, attract investment up to Rs5,000 crore by facilitating 10,000 start-ups and create 5 lakh direct and indirect jobs in the next five years, said a senior official from skill development and entrepreneurship department.

After this, recognised start-ups will be able to get 100% waiver on stamp duty and registration charges on their first transaction to buy or rent a space. Further, they will get 50% waiver on their second transaction as well for the same purpose. Moreover, for registering Indian patent, the start-up will get a subsidy of Rs2 lakh and Rs10 lakh for international patent.

Linking the policy with ease of doing business initiative, the government also allowed a process of self-certification and no inspection that were necessary under the labour and industries compliances.

“We want to make Mumbai the entrepreneurship hub of the world and this start-up policy is a step towards achieving that. We want to encourage entrepreneurs and make the environment conducive for them to work on their businesses. We have worked on making the process of setting up business easier and hassle-free and have given several incentives so there is more investment and more job creation,” said Sambhaji Nilangekar Patil, skill development and entrepreneurship minister.

As per the Nasscom’s Indian start-up ecosystem report 2017, Mumbai hosts maximum 16%, while Pune hosts 5% of the total 5,000 tech start-ups in the country.

The government has also planned to set up a corpus fund of Rs500 crore with the help corporates to help start-ups. According to the policy, innovative clusters have been planned to help start-ups. This is followed by virtual incubators and three international level accelerators and start-up parks.

First Published: Jan 18, 2018 08:47 IST