{"id":134442,"date":"2022-02-18T21:55:42","date_gmt":"2022-02-18T16:25:42","guid":{"rendered":"https:\/\/newsmakhani.com\/?p=134442"},"modified":"2022-02-18T21:55:42","modified_gmt":"2022-02-18T16:25:42","slug":"cabinet-approves-madhya-pradesh-start-up-policy","status":"publish","type":"post","link":"https:\/\/newsnarad.com\/pa\/cabinet-approves-madhya-pradesh-start-up-policy\/","title":{"rendered":"Cabinet approves Madhya Pradesh start-up policy"},"content":{"rendered":"

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Cabinet approves Madhya Pradesh start-up policy<\/h2>\n

Bhopal : Friday, February 18, 2022<\/p>\n<\/div>\n

Madhya Pradesh has now become a state that formulates and implements its own start-up policy. In line with Prime Minister Shri Narendra Modi\u2019s vision of expanding manufacturing product start-ups, the start-up policy has been implemented by incorporating the resources of Madhya Pradesh in the policy. The new start-up policy was approved in the meeting of the Cabinet held under the chairmanship of Chief Minister Shri Shivraj Singh Chouhan on Friday.<\/span><\/p>\n

Secretary MSME and Commissioner Industries Shri P. Narhari informed that the MP Start-up Policy and Implementation Plan 2022 cum process and guidelines has been approved by the Cabinet for the promotion of start-ups and innovations in the state. Provision has been made in the policy, for financial, non-financial facilities and assistance and facilitation to start-ups and incubators.<\/span><\/p>\n

Shri Narhari said that the key provisions of the policy include investment assistance, programme planning assistance, lease rental assistance, assistance for expansion, patent assistance etc. to start-ups and incubators for the development of the start-up ecosystem. According to the vision of the Prime Minister in the policy, for increasing the number of product based start-ups, special facilities like employment generation and skill development assistance, exemption in electricity duty and concession in rates etc. will be provided to them.<\/span><\/p>\n

The new policy also includes additional 20 percent assistance to start-ups set up by women and special programmess to inculcate the spirit of innovation and start-up among students from school, college level. Entrepreneurship development has been actively included in the academic curriculum, to encourage internships to attract students towards entrepreneurship.<\/span><\/p>\n

Along with efforts to solve the socio-economic problems of the state through the innovation challenge program in the policy, a special incentive assistance of Rs one crore will be given to selected start-ups and innovators. Apart from this, there is a provision to set up a separate start-up center in Bhopal with a team of experts like finance and project management, marketing and legal matters for facilitation of start-ups and providing assistance under policy.<\/span><\/p>\n

The policy also includes achieving high growth rate in Government of India recognized start-ups, special focus for development of start-ups in agriculture and food sector, setting up of new incubation centers and capacity building in existing incubation centres. Provision for cooperation in marketing and branding of start-ups to establish them at international and national level has also been included in the policy.<\/span><\/p>\n

In order to make the policy effective, Madhya Pradesh Venture Finance Limited and Madhya Pradesh Venture Finance Trustee Limited have been merged with Madhya Pradesh Laghu Udyog Nigam, so that a specific Venture Capital Fund can be created for funding support to start-ups in future. He said that a robust online portal would be developed for start-ups, which would act as a contact bridge for all concerned stakeholders. The portal will be integrated with the start-up portal of the Government of India. Priority will be given to providing benefits of facilities through the portal.\u00a0<\/span>In order to encourage start-ups and innovation and to provide necessary technical and guidance support, they will get necessary support and participation from national and state level technical and management institutions\/universities and other academic institutions. Under the Ease of Doing Business, there will also be a system of post-facto approval for the necessary permissions for start-ups and incubators, and approvals. According to the provision in the Madhya Pradesh Public Service Guarantee Act, 2010, valid approval will also be given.<\/span><\/p>\n

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