Uttar Pradesh government, Yogi Adityanath will provide “encouragement allowance,” or a monthly stipend of Rs 17,500, to young people who start businesses in the state. The young entrepreneurs would receive this stipend on a monthly basis for a year.
The UP government will propose new policies for start-ups ahead of the proposed Global Investor Summit (GIS) in February of next year. This policy’s draught has been prepared and will be presented to the state cabinet for approval soon.
Rs 5 lakh in financial assistance, Rs 7.5 lakh for its launch
Several rebates and concessions for new businesses have been included in the proposed policy. According to it, the start-up will receive Rs 5 lakh in financial assistance for developing the new product, and another grant of Rs 7.5 lakh will be provided for its market launch.
Startups that meet all of the policy’s criteria will receive a total financial assistance of Rs 14.60 lakh, including the monthly stipend.
Ten more CEOs under the policy
The policy has increased the number of centres of excellence (COE) from three to ten. At the moment, one centre of excellence called Meditech is operating at the Sanjay Gandhi Post Graduate Institute of Medical Sciences (SGPGI) in Lucknow.
In addition, two more COEs are being built at IIT campuses in Kanpur and Noida. The state government is establishing a drone centre of excellence at IIT Kanpur, where experts will work on drone technology.
IT and Science department have drafted policy
The UP-government’s Information Technology and Science department drafted the police, which includes a half-dozen new areas. Start-ups in the fields of women’s leadership, solar energy, circular economy, climate change, and rural development are among them.
According to officials from the IT department, the state currently has 52 incubators in operation, with 7200 registered start-ups. The number could rise as a result of the implementation of new policies, and the GIS would help it along.
According to officials, UP already has a start-up policy in place, but it has been amended to reflect the changed eco-system and demand in new sectors. The new startup
policy will be implemented soon.
