After putting lot of efforts bringing Madhya Pradesh (MP) into mainstream of India's startup ecosystem, the state Chief Minister Shivraj Singh Chouhan said that the youths of the State will be provided loan up to Rs 10 lakhs without interest, as a seed capital for startups. Innovation Council will be formed in the state.

Changing the policy, arrangements will be made for government purchase through startups up to Rs 30 lakh without tender. Startups will be provided better environment and facilities in the State. Madhya Pradesh will be the new destination for startups in the country.

Chouhan was addressing young entrepreneurs at the Startup Conclave here on Saturday. MP had launched its start-up policy in 2016, to provide an operational fund support up to Rs 5 lakh to incubation centers to meet their recurring expenses.

The Chief Minister said that startups will be encouraged to provide opportunities to every youth of Madhya Pradesh to fulfill his ambition and give natural expression to his talents. He said that incubation centres are being made in all seven smart cities of the state. All facilities will be provided to the youth to launch startups.

It is to be noted that Madhya Pradesh government already has a Rs 100 crore venture fund for budding entrepreneurs with innovative ideas for setting up industries.

Incubation centres on PPP model will be started in selected colleges. Venture Capital Fund has been made for innovative ideas in the state. Mukhya Mantri Yuva Udyami Yojana will also be linked to this. Successful industrialists will be told to mentor incubation centres. The Chief Minister said that there are widespread possibilities for startups in fields like agriculture, tourism and transport in the state. Industrial corridor will be built near the three new Express Highways of the state including Indore-Bhopal, Chambal Expressway and Narmada Express Highway.

Chief Executive Officer, NITI Aayog, Amitabh Kant said that India's gross domestic product rate is 7.5 per cent. In the next 30 years, the target of increasing GDP growth is 9 to 10 percent. This goal would be possible only by promoting start-up.

Some of the notable startups in Madhya Pradesh are - Wittyfeed (internet media company), Bag2Bag (online hotels), RackBank (datacenter), MaalGaadi (intra-city transportation), My Sanika (cancer care society), Oye24 (online food delivery) and TukTuk (autorickshaw).

The ecosystem created in Indore for startups is commendable. A sum of Rs 10,000 crore fund has been created in the country for startups. Startups will be charged with zero percent income tax for any three years in the initial 7 years. Production from startups will be purchased for Government of India undertakings. In the last four years, 20,000 startups have begun in the country, out of which 4500 are technology startups. Total 1100 multinational companies in the country have established research and development units in the country.

Source - Daily Pioneer

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