Madhya Pradesh: Govt to build start-up park in Indore at cost of Rs 450 crore

Indore (Madhya Pradesh): In a bid to promote start-ups, the Madhya Pradesh government will construct a start-up park at an estimated cost of Rs 450 crore in Indore city, a senior official said on Wednesday.

The Indore Development Authority (IDA) has invited global tenders for architectural consultancy and master planning to set up the start-up park on 20-acre land on super corridor in the city, IDA chief executive officer (CEO) Vivek Shotriya said.

Under the first phase, a multi-storey complex will be constructed at an estimated cost of Rs 450 crore, he said, adding that the IDA will allot spaces to start-up entrepreneurs on lease by charging a fixed amount.

According to officials, the state government is working on presenting its start-up policy on May 13.

"Though, the final programme has not been decided as yet, we are trying that Prime Minister Narendra Modi will give us time to launch the start-up policy virtually," Indore's BJP MP Shankar Lalwani said.

Earlier, Chief Minister Shivraj Singh Chouhan had on April 29 said that the state government will soon present a start-up policy to provide capital to finance innovative ideas of young entrepreneurs.

According to business insiders, there are 450 start-ups in Indore at present and nearly 250 more will start their operations soon.