Gujarat Government announces assistance for start-ups and labour intensive units

The Gujarat Government has announced the new Industrial Policy for 2015, which is aimed at providing assistance to start-ups and labour intensive units of the state.

Under the scheme, the state will support units operating in the labour intensive sectors such as textiles, agro processing, and assembly units.

Addressing the press conference here on Monday, State Finance Minister Saurabh Patel announced that the government will give Rs. 10,000 per month for a year to young entrepreneurs as assistance to motivate them for research and start their own business.

Patel said that young innovators would be provided a mentor service by a designated university through an incubation centre, in turn these universities will get Rs. 5 lakh rupees for providing such services.

He said these institutions will get an additional assistance of Rs. 10 lakh for acquiring raw material and other technology required by the innovator.

The government has declared an assistance of Rs. 50 lakh as venture capital for each project to put new innovations in the market.

The minister further said that government will refund 70 per cent of tax paid by the entrepreneur for five years.