Bhopal: Cabinet approves MP Startup Policy and Implementation Plan 2022

Bhopal: Cabinet approves MP Startup Policy and Implementation Plan 2022

Women entrepreneurs to get extra help.

Staff ReporterUpdated: Saturday, February 19, 2022, 01:29 AM IST
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BHOPAL (Madhya Pradesh): The state cabinet in its meeting on Friday gave its nod to MP Startup Policy and Implementation Plan 2022 cum process and guidelinesí to encourage startups in the state, as per officials.

Under the policy, women entrepreneurs will get 20% extra assistance.

Chief minister Shivraj Singh Chouhan said, Startups set up by women will be provided with additional 20 per cent assistance on financial and non-financial fronts. We encourage women in start-ups and innovation.

Commissioner, Industries P Narahari, said, ìSpecial facilities like employment generation and skill development assistance and exemption in electricity duty and concession in rates will be provided to them to increase the number of product based start-ups.

To combat the lack of cash liquidity issue in start-ups, key government departments will be connected with the Platform Trade Receivable Discounting System (TReDS) authorised by Reserve Bank of India, he added.

Assistance under policy:

Investment, program planning, lease rental, expansion, patent,

exemption in electricity duty, concession on power rates

Collab in marketing and branding (for national and international market)

Innovation Challenge Programme:

Selected candidates will receive:

Special incentive of Rs 1 crore

Assistance as per Policy

Separate startup centre in Bhopal

Assistance from finance, project management, marketing, legal experts

A new merged Laghu Udyog Nigam

Madhya Pradesh Venture Finance Limited and Madhya Pradesh Venture Finance Trustee Limited have been merged with Madhya Pradesh Laghu Udyog Nigam so that in future a special venture capital fund can be created for funding support to startups.

Online startup portal

An online portal would be developed for start-ups to act as a bridge for all the stakeholders. It will be integrated with the start-up portal of the Government of India.

-Developing startup ecosystem

-Events at high school and colleges to promote incubation

-Support will be obtained from national and state level technical establishments

-Permissions will be provided to the startups, incubators under Ease of Doing Business

-Arrangements for post-facto approval for consents will also be made

-Approval under Madhya Pradesh Public Service Guarantee Act, 2010

Exemption in govt tenders

Startup enterprises participating in government tenders up to Rs 1 crore will get exemption in:

-Conditions of experience, turnover

-Security fund, advance deposits

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