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'Startup Chhattisgarh' launched for boosting entrepreneurship

Press Trust of India  |  Raipur 

To give a fillip to Prime Minister's vision of Startup India,the state government today launched 'Start-up Chhattisgarh' initiative here to foster entrepreneurship and promote innovation.

Youths have no dearth of ideas. Lots of creative ideas take shape in their mind. They should convert them into business ideas according to the need of market to provide facilities to people at lower rates in a convenient manner," Chief Minister Raman Singh said after the event.

"They need to be fearless to bring their ideas into commercial products," he said.

The function was held at Shri Shankaracharya Institute of Professional Management & Technologyin Sejbahar area, which was attended bya large numberof entrepreneurs and youths.

As part of the initiative, 14 special camps will be set up in Chhattisgarh, which would be used as a platform to present ideas and the best out of them would be selected for incubation, he said.

"At least3000 ideas would be collected through these camps and in the first phase, 36 start-up units selected of these ideas will be developed in next four months," the CM said.

Singh also announced a slew of measures to nurture and support start-ups.

"First36 start-ups established in the state would be reimbursed (with) all state govt taxes paid by them for first three years. Apart from this, assistance will be given in preparing the projectreport, quality certifications, technical patent costs," he said.

While the MSMEs (micro, small and medium enterprises) startups shall be eligible for 60% subsidy on land premium in government industrial parks, all start-ups shall be given facility to do self-certifications for various state laws, Singh added.

The CM said subsidy of 75 per cent would be given on term loan up toRs 70 lakh for six years.

He also announced the fixed capital subsidy of 35-40%up toRs 3.5 crore, electricity duty exemption for 10 years and stamp duty exemption for land purchase or lease.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 13 2016. 21:22 IST