Lucknow, Aug 21, 2020
The Yogi Adityanath government will promote startup ventures of women, transgender and ‘divyangjan’ (differently abled) entrepreneurs under the new Uttar Pradesh Startup Policy 2020 with additional incentives and institutional support.
This is expected to bring these communities into the mainstream of the business world through startup ecosystem.
Under the new Policy, the government is targetting to set up 100 incubators covering all the 75 districts in UP with the goal of generating 150,000 employment and self employment opportunities, including 50,000 direct jobs in the state.
The new Policy was cleared by the state cabinet last month. The government is looking to break into the top three startup congenial states in India. On May 20, the chief minister had launched the UP Startup Fund to be managed by the Small Industries Development Bank of India (SIDBI).
“The much talked about Fund has garnered interest from leading Venture Funds/AIF (alternative investment fund) of the country. SIDBI has so far received four applications from leading AIFs for an aggregate amount of Rs 285 crore to create the initial corpus,” the state government today said.
The decision on these applications will be taken by SIDBI and the Startup Nodal Agency in its first Venture Capital Investment Committee (VCIC) meeting scheduled later this month.
The funding will be disbursed in the form of sustenance allowance at idea stage, seed capital assistance at commercialisation stage and capital grant to incubators for strengthening the IT infrastructure.
Besides, a corpus of Rs 150 crore has been set up by the government with the help of Abdul Kalam Technical University (AKTU) to fund startups at the stage of ideation, patent registration, participation in domestic and international events etc.
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