Global Investor Summit to take MP startups to new heights: CM Mohan Yadav

Madhya Pradesh is gearing up for the Global Investor Summit (GIS) to be held in state capital Bhopal at the end of this month on February 24 and 25 and preparations are going on in full swing.

Highlighting the significance of the summit, CM Mohan Yadav said that Madhya Pradesh is rapidly emerging as a strong StartUps hub, working in alignment with Prime Minister Narendra Modi's vision for industrial development and job creation. The state government is prioritizing innovation, entrepreneurship, and employment generation by adopting effective strategies to foster a StartUps culture that aligns with the aspirations of young entrepreneurs.

"Our goal is to transform Madhya Pradesh into a 'Center for StartUps and Innovation,' providing young entrepreneurs with a supportive environment and comprehensive assistance to turn their ideas into successful businesses. Entrepreneurs and investors from various countries will participate, providing young entrepreneurs exposure to international technologies and innovations, thereby giving Madhya Pradesh's StartUps new momentum," CM Yadav said.

The Chief Minister further mentioned that StartUps will not only contribute to the state's economic growth but also create new employment opportunities for the youth.

"We are providing financial support, a robust policy framework, and modern infrastructure to foster the growth of start-ups in the state, and our government is taking concrete steps in this direction. This will promote innovation and help young entrepreneurs realize their dreams," the CM said.

He also explained that the 'MP StartUp Policy and Implementation Scheme' is in place, offering financial assistance, infrastructure support, and policy backing to start-ups. According to the new policy, StartUps are eligible for financial assistance of up to 18% of the total investment (maximum 18 lakh rupees). This support is provided in different stages of start-up development, with up to four stages eligible for assistance. The policy also includes financial incentives, infrastructure support, and capacity-building programs, he added.

Additionally, StartUps are exempted from experience and turnover requirements in government tenders and are not required to submit earnest money deposits. The state government is also waiving mandatory license and permit fees and giving StartUps priority in government procurement for two years, the CM said.

CM Yadav further emphasised that Madhya Pradesh's abundant power, water, and natural resources make it an ideal destination for investors. The state's connectivity with major industrial corridors ensures smooth and cost-effective transportation of goods, offering a strategic advantage to companies looking to expand their businesses.

According to an official release, Madhya Pradesh, recognised as the 'Heart of India,' houses over 300 industrial parks and boasts a population of over 80 million, making it a hub of talent. The state is home to 1,287 industrial training institutes, 1,373 government and private colleges, and prestigious institutions like IIT and IIM, producing thousands of graduates annually. Special programs are being conducted to foster innovation and entrepreneurship among school and college students, ensuring they receive the right guidance and resources at an early stage to successfully establish their StartUps.

The CM shared that the state's commitment to promoting start-ups has resulted in over 4,900 recognized StartUps operating in Madhya Pradesh. Special industrial parks have been developed for sectors like IT, semiconductors, textiles, automobiles, and solar energy, creating a favourable environment for StartUps, stated the release further.

The Chief Minister outlined the goal to increase the number of StartUps registered under 'StartUp India' by 100% and to promote StartUps in the agriculture and food sector by 200%. Currently, 72 incubators are operational in the state, with focus on expanding product-based StartUps. This solid effort by the state government is a significant step toward transforming Madhya Pradesh into one of India's leading StartUp hubs, it added.