UP Govt likely to bring Revised Startup Policy 2020 soon
Nov 01, 2022
Lucknow (Uttar Pradesh) [India], November 1 : The Uttar Pradesh Government headed by Chief Minister Yogi Adityanath is likely to bring the revised startup Policy 2020 soon to promote self-employment in the state.
On the instructions of CM Yogi, the IT and Electronics Department is currently revising the Startup Policy 2020, incorporating new incentives to encourage startups and will get Cabinet approval soon, according to official sources.
According to the amended policy, the Yogi government will give incentives of Rs 5 lakh for making a product from a startup idea and Rs 7.50 lakh for launching it in the market. Startups will also be given a monthly maintenance allowance of Rs 17,500 for one year. The target of setting up of centres of excellence in the policy has been increased from three to 10.
Besides, new sectors have been included in the policy to promote startups in view of the practical needs, such as women led startups, rural impact startups as well as circular economy, renewable energy, climate change and commercialiation startups to change the destiny of the state's youth.
The Yogi Government felt the need for amending the Startup Policy 2020 in view of the fast development of the sector in the state and the changes that have 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 also to meet the targets set for the proposed Global Investors Summit in January 2023. In addition, the policy is being amended to restructure the stimulus packages to make the policy more attractive to investors.
Under the Uttar Pradesh Startup Policy 2020, three State of Art Centers of Excellence have been established in the state. Centres of excellence are operating at the Noida campus of SGPGI and IIT Kanpur. Work has started on the recommendation of the State Level Policy Monitoring and Implementation Committee on the proposal to set up Drone Centre of Excellence at IIT Kanpur campus. At present, 52 government recognised incubators and about 7200 startups are working in the state by registering with DPIIT, Government of India.
In order to promote self-employment in the state, Chief Minister Yogi Adityanath is taking the motto of "An idea can change the life" to the ground and the revised Startup Policy will play a key role in this.
