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Developing ecosystem for setting up 10,000 start-ups: Uttar Pradesh govt

Uttar Pradesh has created a Rs 1,000 crore 'Star-tup Fund' with Small Industries Development Bank of India

Startups | Uttar Pradesh government | Uttar Pradesh

Virendra Singh Rawat  |  Lucknow 

Yogi Adityanath. Photo: PTI
Uttar Pradesh CM Yogi Adityanath | Photo: PTI

The government on Wednesday said that an enabling ecosystem was being created for setting up 10,000 start-ups across different sectors in the state. Under the new UP Startup Policy 2020, the Adityanath government is targetting to set up 10,000 start-ups and 100 incubators, including the country’s largest incubator in Lucknow, spanning all the 75 districts of the state.

According to UP Additional Chief Secretary, IT and electronics, Alok Kumar, 18 incubators have already become operational.

“At present, 2,850 start-ups are functional in UP and their number is fast expanding. The incubators are proposed to be developed in all the divisions and districts of the state.”

The government has estimated that the new policy will help in generating 150,000 direct and indirect employment and self-employment opportunities by promoting the start-up culture. Currently, UP is ranked among the top three in the states’ Startup Rankings, which the Adityanath government is targetting to improve further.

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To promote startup ventures, the state has developed a robust online clearance system and set up a Rs 1,000-crore ‘Start-up Fund’ with the help of Small Industries Development Bank of India (SIDBI), apart from a ‘UP Angel Network’ to handhold green business ventures.

“Leading venture capital and angel investor funds in India have evinced keen interest in the UP Start-up Fund,” Kumar said.

Before the UP Startup Policy 2020 was promulgated, the were governed under the UP Information Technology and Start-up Policy 2017, which was primarily focussed on the IT sector while neglecting other fields.

However, the new policy has accorded parity to the start-ups pertaining to all segments viz. agriculture, medical and health, energy, Khadi, education, tourism, transport etc. It was prepared after studying the start-up policies followed in other leading states apart from taking feedback from sectoral experts. Besides, the government is giving special financial incentives to start-ups in the backward regions of Purvanchal and Bundelkhand regions.

Following the influx of over 3.5 million migrant labourers from other states due to Covid-19 lockdown, the Adityanath government is looking to harness their skills by providing them jobs suited to their profiles and creating self employment opportunities. The start-up and other sectoral policies are aimed at accelerating the pace of economic activities and promoting entrepreneurship.

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First Published: Wed, October 14 2020. 17:42 IST