UP Startup Policy 2020 gets state cabinet approval
UP Startup Policy 2020 aims at setting up 100 incubators in all the 75 districts of the state and is expected to generate 1,50,000 employment and self-employment opportunities, including 50,000 direct jobs.
The Uttar Pradesh cabinet cleared the UP Startup Policy 2020 on July 8 to nurture fresh business ideas. This step will accomplish the target to break into India’s top three-startup congenial states.
Uttar Pradesh CM, Yogi Adityanath chaired the state cabinet meeting and put the seal of approval to the policy. It aims at setting up 100 incubators in all the 75 districts of the state. The policy is also expected to generate 1,50,000 employment and self-employment opportunities, including 50,000 direct jobs.
Earlier on May 20, UP CM had launched the UP startup fund which will be managed by the Small Industries Development Bank of India (SDBI). The fund by the state government is set up under the UP Information Technology and Start-Up Policy 2017.
UP Startup Policy 2020: Key Highlights
• The new Startup Policy will be applicable for the five years from the date of the notification. It will also help in the corporatisation of more than 10,000 startups.
• The policy will also foster an enabling ecosystem and set up a state-of-art centre of excellence.
• It will also institute the country’s largest incubation hub in Lucknow.
• The new Startup Policy will also accord equal importance to the startups in varied fields of medical and health, agriculture, khadi, energy, education, transport, tourism, etc.
• The Policy will provide special emphasis to the startup ventures in the backward regions of Bundelkhand and Purvanchal regions with additional incubation and financial support.
Startups in Uttar Pradesh:
So far, the startups in Uttar Pradesh were being governed under the UP Information Technology and Startup Policy 2017, which focused primarily on the IT Sector. More than 1800 startup ventures were registered with the different central government departments.
Since this existing Startup framework did not cater other sectors, the state government was already in the process of creating a comprehensive policy to address this issue. The officials who were involved in drafting the new policy studied similar policies in other states and took suggestions from the experts to come up with a composite policy framework for UP.
Why this step is significant?
As more than 3.5 million migrant workers from other states arrived following the COVID-19 lockdown, the UP state government has been looking to harness their skills. It aims at providing them jobs that suit their profiles and also promote self-employment opportunities in different sectors and areas.