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Madhya Pradesh has set a target of doubling the number of startups in the state to 10,000 over the next five years and will set up a Rs 100 crore seed capital fund to promote new enterprises and innovations, state MSME Minister Chaitanya Kumar Kashyap said on Tuesday.
The state government has framed a new transparent policy for the MSME with emphasis on ease of doing business and time-bound sanctions of projects and delivery of incentives offered by the state, he said while speaking at the Madhya Pradesh Global Investors Summit (MP GIS) 2025. ALSO READ: MP inks 19 MoUs in co-operative sector to boost farmers, industry: Govt
"We have framed a policy for startups. Already there are 5,000 startups registered in the state and we are targetting to take it to 10,000 in the next five years," Kashyap said.
The state is encouraging the startups to focus on manufacturing and providing services, the minister said.
"We are also setting up a Rs 100 crore fund for providing seed capital to startups. We want to promote new ideas and innovations by young minds," Kashyap said.
Elaborating on the new policy for startups, he said this encompasses every stage -- right from ideation to actual onground establishment, be it in manufacturing or in services sector.
The two-day MP GIS, 2025 will conclude this evening.
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