Uttar Pradesh’s (UP) capital city Lucknow is all set to get the biggest incubator centre that the Indian startup ecosystem has seen till date. The news was revealed by Sanjeev Saran, additional chief secretary, IT and electronics at a programme, 'Creating an eco-system for start-ups', organised by IIM Lucknow, in collaboration with Lucknow Management Association.

Saran also revealed the location where the incubator is slated to come up. Reportedly, the incubator will come up on 40-acre space near Lucknow airport.

Once completed, the incubator centre will be responsible for shaping up business ideas and funding companies that have been registered in UP. The funding for the same will be done by Small Industries Development Bank of India(SIDBI).

Speaking at the conference, Saran also revered about UP’s startup policy. He said, “UP's start-up policy is better than other states. We give financial assistance of Rs 25 lakh to start-ups. We are currently reviewing both the policy as well as funding. In one month, we are hopeful of coming up with a new start-up policy.”

Saran also shared that the state government has increased the budgetary allocation for startups from Rs 10 crore to Rs 1,000 crore. He also added that with the incubator centre coming up at Lucknow, this amount will now increase to Rs 4,000 crore.

Additional secretary in Niti Aayog, Yaduvendra Mather also took the podium at the conference to reveal that for the very first time in Asia Pacific, a Global Entrepreneurship Summit (GES) is slated to be held in Hyderabad in November this year. According to Mather, it is an attempt to connect women entrepreneurs with housewives for startups in the area of education and health.

This development was first reported in the Times of India.

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