On 8th July 2020, the Cabinet of Uttar Pradesh (UP) Government chaired by Chief Minister Yogi Adityanath approved the new startup policy – Uttar Pradesh Startup Policy 2020 to increase the job opportunities and employment in Uttar Pradesh by promoting the developing units in agriculture, health, power, education, tourism and transport sectors.
Note:
UP was anointed as the “Inspiring Leader” in the national startup ranking in 2018.
UP Startup Policy 2020:
Aim:
- To ensure the position of UP within the top tier of the Centre’s startup rankings.
- To create 100 incubators with at least one unit in each 75 districts.
- To create an ecosystem to promote 10,000 startups.
- To set up state of the art centres.
- To create the largest incubator of India in Lucknow.
Features:
i.The validity of this policy is five years from the date of notification which is estimated to provide direct employment to more than 50,000 people and generate self -employment to around 1.5 lakh people.
ii.In Addition to the 1000 crore Startup Fund created with the support of Small Industries Development Bank of India (SIDBI) under the UP information Technology and start-up Policy 2017, a UP Angel Network was created to support the new corporates.
iii.To promote and incubate startups the government has launched an online portal.
Key Points:
i.The new composite policy framework is formulated by the officials by studying the similar policies of other states with suggestions of experts.
ii.The policy provides special focus, financial and incubation support on the startups in the Backward regions (Purvanchal and Bundelkhand regions).
About Uttar Pradesh:
Chief Minister– Yogi Adityanath
Governor– Anandiben Mafatbhai Patel
Capital– Lucknow
