up startup fund

Uttar Pradesh chief minister Yogi Adityanath has today announced to create a corpus of Rs 1,000 crore Startup Fund for spurring entrepreneurship and employment generation in the state. Notably, in terms of startup activities UP is lacking behind many of the states in the country like Karnataka, Andhra Pradesh, Maharashtra and even Delhi, despite of the fact of fact that it holds highest number of youth population in India.

Chief Minister further informed that a formal Memorandum of Understanding (MoU) would be signed with the Small Industries Development Bank of India (SIDBI) on September 15. In 2016, SIDBI had launched a Rs 10,000 crore ‘SIDBI Make in India Soft Loan Fund for MSMEs’ (SMILE) scheme to provide soft loan to MSMEs in form of quasi-equity to meet the required debt-equity ratio and term loan to cover project cost on relatively soft terms.

Yogi Adityanath was addressing a gathering of youth and entrepreneurs after inaugurating ‘Start-up Yatra’, a platform for all stakeholders to discuss and generate inputs for assisting the government in promotion of entrepreneurial zeal and creating awareness about establishing an entrepreneurial ecosystem in UP. In the coming weeks, similar events are lined up for 15 cities in the state and the Yatra targets reaching out to over 40,000 youth and 400 colleges.

He also urged to innovate in solid waste management segment to serve the dual purpose of disposing off the unwanted trash and simultaneously leverage some economic value off it.

Earlier in 2016, before Yogi Adityanath became CM of the state, Uttar Pradesh government had already introduced Start-up Policy for entrepreneurs and startups in the state.

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This year, the only major startup, which is based out of Uttar Pradesh, that received funding and in news was
education startup EduGorilla which had raises funding last month.

Since, both the Centre and UP are ruled by the same outfit, Bharatiya Janata Party (BJP), economists and industry players are confident it would foment synergies between the two dispensations for greater benefits in longer term.

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