Andhra CM announces Rs. 100-cr. funds to encourage start-ups

Andhra CM announces Rs. 100-cr. funds to encourage start-ups

Posted by Vivek Nama on September 14th 2017

Andhra Pradesh Chief Minister Mr. N. Chandrababu Naidu  announced that he would be allotting Rs 100 Crore for a separate fund to support innovative start-ups and budding entrepreneurs.

Speaking on the occasion of the three-day Indian Innovators’ Association (IIA) International Innovation Fair which was organised by IIA in collaboration with APIS and International Federation of Inverters’ Associations (IFIA) in Visakhapatnam, he also said that the Govt. would be taking the support of National Research Development Corporation (NRDC) to guide and mentor start-ups. 
A MoU to that effect was also signed by the Chief Minister and the National Research Development Corporation (NRDC) CMD Mr. H. Purushottam which would encourage start-ups through AP Innovation Society (APIS). 
“Technology and Internet of Things are a deadly combination. Being a tech-savvy government, we want to encourage our youth in all possible manners to become entrepreneurs,” he said pointing out that many with the highest per capita income in Silicon Valley and most parts of the United States hailed from Andhra Pradesh.
The Chief Minister said they would also provide hand-holding to budding entrepreneurs to make their start-ups into commercial ventures by offering them mentoring, patenting and financial support.
He said as against a growth rate of 5.7% in the country, AP could achieve a growth rate of 11.72% in the first quarter. Due to pro-active policies and governance on real-time basis, they were expecting much higher growth rate in future making AP among the top three States by 2022, best State by 2029 and one of the best destinations in the world for investments by 2050.(Source The Hindu)


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