Lucknow: Yogi's government of Uttar Pradesh would provide "encouragement allowance," a monthly stipend of Rs 17,500 to the youths setting up businesses in the state. This stipend would be paid to the young entrepreneurs on a monthly basis for a period of one year.
Ahead of the proposed Global Investor Summit (GIS) in February next year, the UP government will come up with new policies for the start-up. The draft for this policy has been prepared and will be tabled before the state cabinet soon for approval.
Rs 5 lakh in financial assistance, Rs 7.5 lakh for its launch
In the proposed policy, various rebates and concessions for start-ups have been included. As per it, Rs 5 lakh in financial assistance would be provided to the start-up for making the new product, while another grant of Rs 7.5 lakh is to be given for its launch in the market.
The start-ups fulfilling all the criteria laid down in the policy would get a total financial assistance of Rs 14.60 lakh, including the monthly stipend.
Ten more CEOs under the policy
In the policy, the number of centres of excellence (COE) has been increased from the existing three to ten. At present, one centre of excellence in the name of Meditech is working at the Sanjay Gandhi Post Graduate Institute of Medical Sciences (SGPGI), Lucknow.
Besides, two more COEs are under construction at IIT campuses in Kanpur and Noida. The state government is establishing a drone centre of excellence at IIT Kanpur, where experts will work on drone technology.
IT and Science department have drafted policy
The Information Technology & Science department of the UP government has drafted the police, in which half a dozen new areas have been inducted. These include start-ups in the fields of women's leadership, solar energy, circular economy, climate change and areas that influence the rural sector.
According to the officials of the IT department, at present, 52 incubators have been functioning in the state while there are 7200 registered start-ups. The number might go up after the implementation of new policies and the GIS would give it a further push.
Officials said that there is already a start-up policy in force in UP, but keeping in mind the changed eco-system and demand in new sectors, it has been amended. The new start-up policy will soon be released.
