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India has 70,000 recognised start-ups: PM Modi at MP govt function

Under the new policy, start-ups would get subsidies towards rent and salaries of employees

Madhya Pradesh | startups in India | Narendra Modi

Press Trust of India  |  Indore 

PM Modi
PM Narendra Modi | Photo: ANI

Prime Minister on Friday launched the government's Start-Up Policy 2022 and a start-up portal through video link in the presence of young entrepreneurs here.

Under the new policy, start-ups would get subsidies towards rent and salaries of employees.

Modi also interacted with a few entrepreneurs on this occasion to learn about their start-ups, and advised them about how they could benefit people.

In 2014, there were 300 to 400 start-ups in the country, but in eight years their number rose and now there are 70,000 recognised start-ups, the prime minister said.

Chief Minister Shivraj Singh Chouhan also spoke at the function in Indore.

Under the new policy, the state government will give subsidy to start-ups towards rent for the workplace, salaries and product patents.

There will also be a quota for start-ups in government purchases, an official said.

If a start-up is working from a rented place, Rs 5,000 per month will be paid for rent. It will also get Rs 5,000 per month per head for salary of up to 25 employees, the official added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, May 13 2022. 20:48 IST