100 Incubators, 10K Startups To Be Part Of UP’s Startup Policy 2020
- The new startup policy will help in the corporatisation of more than 10,000 startups
- Besides this, UP aims to set up India’s largest incubator in Lucknow
- UP government issued the first tranche for the INR 1,000 Cr Startup fund
The Uttar Pradesh government, during the state cabinet meeting chaired by chief minister Yogi Adityanath, given a nod to the Uttar Pradesh Startup Policy 2020 in order to boost entrepreneurship and employment in the state.
The new policy will help in the corporatisation of more than 10,000 startups, fostering an enabling ecosystem and setting up of state-of-art centres of excellence. Moreover, the state government is also looking to set up over 100 incubators in the region and India’s largest incubator Lucknow. The policy aims to generate direct employment opportunities for 50K people and indirect opportunities for 1 Lakh.
The state government will also give special encouragement for establishing startups in Purvanchal and Bundelkhand areas. The government believes that the latest policy will help UP become one of the top three startup ecosystems in the country.
The state did not have an independent or comprehensive startup policy before this, the government said in a statement issued on Wednesday (June 8). It also specified that the UP startup policy will be valid for five years from the date of notification. The state government has also decided that any change in the startup policy would be done with the approval of the chief minister.
This comes less than 50 days after the UP government issued the first tranche of INR 15 Cr to Small Industries Development Bank of India (SIDBI) for the INR 1,000 Cr Startup fund. The fund will be used to encourage the startup ecosystem in the state and will be managed by SIDBI itself.
The Uttar Pradesh government, during the state cabinet meeting chaired by chief minister Yogi Adityanath, given a nod to the Uttar Pradesh Startup Policy 2020 in order to boost entrepreneurship and employment in the state.
The new policy will help in the corporatisation of more than 10,000 startups, fostering an enabling ecosystem and setting up of state-of-art centres of excellence. Moreover, the state government is also looking to set up over 100 incubators in the region and India’s largest incubator Lucknow. The policy aims to generate direct employment opportunities for 50K people and indirect opportunities for 1 Lakh.
The state government will also give special encouragement for establishing startups in Purvanchal and Bundelkhand areas. The government believes that the latest policy will help UP become one of the top three startup ecosystems in the country.
The state did not have an independent or comprehensive startup policy before this, the government said in a statement issued on Wednesday (June 8). It also specified that the UP startup policy will be valid for five years from the date of notification. The state government has also decided that any change in the startup policy would be done with the approval of the chief minister.
This comes less than 50 days after the UP government issued the first tranche of INR 15 Cr to Small Industries Development Bank of India (SIDBI) for the INR 1,000 Cr Startup fund. The fund will be used to encourage the startup ecosystem in the state and will be managed by SIDBI itself.
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