Policy boost for startups to encourage entrepreneurship
INDORE: To strengthen the startup environment and encourage entrepreneurship, the state government unveiled its “MPStartup Policy and Implementation Plan-2022” .
In accordance with the policy, startups will receive funding for lease rents, for obtaining patents, reimbursements for training costs, and funds for upgrading incubators. This move is intended to attract young people for innovation across sectors, particularly for product-based ventures, in addition to a rebate on electricity rates and an exemption from the requirement that they meet turnover requirements for government contracts.
The state government will also create an online site that will serve as a bridge for contacts between businesses, investors, incubators, and other stakeholders in order to facilitate digital intervention. This website will be linked to the Government of India’s Startup India webpage.
The startup policy will be in effect for five years following the date of its notice or until it is changed by another policy, whichever comes first.
The government’s recently issued policy statement lists five focus areas: fostering product-based startups, entrepreneurship and innovation, marketing support, and financial and non-financial help.
