Yogi government formulates policy to promote startups

Lucknow: To promote self-employment in Uttar Pradesh, the Master Plan of Startup has been prepared by the Yogi Government. In this, startups of half a dozen new sectors will be promoted. In this, startups like women, rural influencers, circular economy, solar energy, climate change and commercialization etc. will also be encouraged.

On the instructions of CM Yogi, the IT and Electronics Department is revising the Startup Policy 2020. The revised Uttar Pradesh Startup Policy 2020 is going to be approved in the cabinet soon. In the revised policy, special incentives are being given to promote startups.

According to the information received from the government, it will give Rs 5 lakh for making a product from 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 Centers of Excellence in the policy has been increased from three to 10.

Apart from this, women led startups, rural impact startups, circular economy startups, renewable energy startups, climate change startups and commercialization etc. have been defined in the policy keeping in view the practical needs. This will encourage startups in these areas and change the destiny of the youth.

The startup sector is developing so fast in the state that due to the change in the eco-system in two years, the startup policy has been revised. Along with this, Uttar Pradesh Startup Policy 2020 has been rationalized to meet the targets keeping in mind the work done so far, performance, competition from other states and the proposed Global Investors Summit in January 2023.

In addition, the policy has been amended to restructure the stimulus packages to make the policy more attractive to investors. Under the Startup Policy-2020 in UP, three State of Art Centers of Excellence have been established in the state. Centers 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 Center of Excellence in IIT Kanpur campus. At present, 52 government recognized incubators and about 7200 startups are working in the state by registering with DPIIT, Government of India.

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