PM Modi launched Madhya Pradesh Startup Policy
Prime Minister Narendra Modi launched Madhya Pradesh Startup Policy through video conferencing.
Modi addresses the startup community during the Madhya Pradesh Startup Conclave being held in Indore.
The Prime Minister also launched the Madhya Pradesh Startup portal, which will facilitate and help promote the startup ecosystem.
The Madhya Pradesh Startup Conclave was attended by various pillars of the startup ecosystem including policy makers, innovators, entrepreneurs, academicians, investors, consultants and other stakeholders from government and private sector.
Objective of Policy
Strengthen the startup culture by nurturing entrepreneurial skills
Encourage setting up of new technological business incubation centres
Encourage and inspire youth to develop innovative ideas
Promote entrepreneurship activities among the youth of the state, thereby enabling sustainable and inclusive socioeconomic development across the state
Promote and develop employment opportunities for the youth within the state
Highlight of the policy
An entity shall be deemed to be a Startup for a period of five years from the date of incorporation/registration, If it is incorporated as a Private Limited Company or is registered in India as a Partnership Firm or Limited Liability Partnership.
Turnover of the entity for any of the financial years, since incorporation, should not exceed INR 25 crore.
The entity must work towards innovation, development or improvement of products or processes or services.
The state offers special incentives for women-led startups in the form of interest subsidy of 8% on loans up to three years, not exceeding INR 5 lakh.
The state provides incentives for lease subsidy up to INR 5 lakh for women-led startups.
Startup Ecosystem in Madhya Pradesh
The state's smart cities are serving as platforms to launch incubators and coworking spaces such as Jabalpur Incubation Centre in India.
MP Venture Finance Limited (MPVFL) has been set up to provide access to venture capital funds to startups and has received approval from the Securities and Exchange Board of India (SEBI).
Startup Incubator Cell is managed by the state nodal officer for startups.
There are 1,937 start-ups recognized by the central government in Madhya Pradesh and 45 percent of them are run by women.
About 31 percent startups in the state are located in Bhopal and 44 percent in Indore.
Please Rate this article, so that we can improve the quality for you -