LUCKNOW: To encourage self-employment, the government of Uttar Pradesh is scheduled to release the revised “Startup Policy-2020” in the near future. Under the direction of Chief Minister Yogi Adityanath, the IT and Electronics department is now amending the ‘Startup Policy 2020’ to include additional incentives to promote startup growth. Cabinet clearance is imminent, according to official sources.
According to the revised policy, the administration of Yogi would offer incentives of Rs 5 lakh for manufacturing a product based on a startup idea and Rs 7.50 lakh for introducing it to the market.
In addition, startups would receive a maintenance payment of Rs 17,500 per month for one year. The policy’s aim for establishing centres of excellence has been extended from three to ten.
In addition, new sectors, such as women-led startups, rural impact startups, circular economy, renewable energy, climate change, and commercialisation startups, have been included to the policy to support entrepreneurs in order to alter the fate of the state’s youth.
The Yogi government felt compelled to update the ‘Startup Policy 2020’ in light of the sector’s rapid growth in the state and the ecosystem’s evolution over the past couple of years.
The purpose of the reform is to rationalise the policy in light of past performance, competitiveness with other governments, and the need to accomplish objectives for the anticipated Global Investors Summit in January 2023. In addition, the stimulus packages are being restructured to make the policy more attractive to investors.
Under the “Uttar Pradesh Startup Policy 2020,” the state has developed three cutting-edge centres of excellence. On the SGPGI campus in Noida and at IIT-Kanpur, there are centres of excellence.
On the advice of the state-level Policy Monitoring and Implementation Committee to establish a Drone Centre of Excellence at IIT-Kanpur, work has begun. Currently, 52 government-recognized incubators and around 7,200 companies are registered with the Government of India’s DPIIT.
To boost self-employment in the state, Chief Minister Yogi Adityanath is putting the tagline “An idea may change a life” into action, with the updated startup policy playing a crucial role.
