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UTTAR PRADESH GOVERNMENT ALL SET TO PROMOTE STARTUPS

Startup8

 March 2, 2016

Uttar Pradesh has finalised its own start-up policy to promote the ‘start-up culture’ and entrepreneurship in the state. UP Information Technology & Start-up policy 2016 is aimed at facilitating both small and large IT/ITeS industry spanning start-ups and micro, small, and medium enterprises by providing incentives and a propitious policy framework.

Under the proposed policy, UP would promote start-ups through the INFUSE model (Incubators-Fund of Funds-Start-up entrepreneurs), wherein it would provide financial support to incubators, start-ups and venture capitalists. The government would create an initial corpus (seed fund) of Rs 100 crore to promote incubators and mobilise start-ups. The seed fund could also be increased depending upon the requirement and scalability. The funds will be injected in SEBI-approved venture capital (VC) funds. For UP-based start-ups, the state government would match 25% of the money invested by the VC.

The policy has trifurcated UP in three tiers, wherein The policy has trifurcated UP in three tiers, wherein

Tier I includes Noida and Greater Noida.
Tier II comprises Lucknow, Agra, Kanpur, Allahabad, Meerut, Varanasi and other cities having population of over 2 million, including the Agra-Greater Noida Yamuna Expressway region.
Tier III includes cities having population of less than 2 million.

The implementation of the policy would be monitored by senior bureaucrats and principal secretaries of the departments of IT, finance, planning, small industries, commercial tax, energy, transport, revenue, housing etc.

In the first phase, the government would encourage government/semi-government institutions like IITs, IIMs etc. to set up accelerators to build the start-up ecosystem. Then the incumbent Akhilesh Yadav government has been trying to boost economic activity in the state for speedy job creation and economic development. The government has been organizing investors’ conclave and roping in non-resident Indians (NRI) to promote ‘Brand UP’ and attract investment. The government has announced fresh policies in all the major sectors spanning agriculture, industry, solar power, rooftop solar power plant, dairy etc. to attract private investment and improve the ease of doing business environment in the state.

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