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UP govt approves new start-up policy
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SME Times News Bureau | 09 Jul, 2020
The Yogi Adityanath government
in Uttar Pradesh has approved the UP-Start-up Policy 2020 to promote
fledgling units in various areas including agriculture, health, power,
education, tourism and transport.
The policy was approved by the state cabinet, late on Wednesday evening.
The
aim of the policy would be to ensure that UP is ranked within the first
three states in the Centre's start-up rankings, create 100 incubators
with, at least, one in each district, create an ecosystem to promote at
least 10,000 start-ups, set up state of the art excellence centres and
create the largest incubator in the country in Lucknow.
The policy will be valid for five years and will provide direct employment to 50,000 people and indirect employment to 1 lakh.
According to a government spokesperson, "At present, the UP Information Technology and Start-up Policy, 2017 is in place.
"However,
there are more than 1,800 start-up units registered with the Department
for Promotion of Industry and Internal Trade under the Centre and since
there is no holistic policy for start-ups, it was decided to create an
ecosystem for promotion of start-ups which would require a new policy."
The
state government is already providing start-ups with a subsidy and has
started a Rs 1,000 crore fund to promote new entrants in the field.
An online portal has also been launched for incubation and promotion of start-ups.
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