Highlights of Happening Haryana's new Start-up policy

Highlights of Happening Haryana's new Start-up policy

Posted by P. Charitha on May 23rd 2017

The Chief Minister of Haryana Mr. Manohar Lal Khattar, said that the Govt of Haryana has prepared a start-up draft policy for encouraging innovators and entrepreneurship there. Last September 2016  he spoke about  focussing  on development and providing employment opportunities and efforts to be made to provide employment to 2 lakh unemployed youths through entrepreneurs besides giving INR 9,000 as a supporting allowance to postgraduates who do not have a jobs.
 

Highlights of the Start-up Policy
  • Plans to facilitate a minimum venture capital funding of Rs 200 Crore.
  • Encourage, facilitate and incubate at least 500 start-ups.
  • Attract investments of Rs 500 crore in the incubation and start-up ecosystem of the state during the policy period. 
  • Create a sustainable ecosystem of innovation, research and development and engineering, in alignment with the Centre’s Start-up India initiative.
  • Enhancing links between universities, research institutions and the business community .
  • Set up an IT start-up hub in Gurgaon and at least 10 technology, business incubators or accelerators to be setup in different regions of the state.
  • The plan is also to have incubation centres in all parts of the state, and develop one million square feet of incubation space.
  • The policy will be drafted keeping in mind infrastructure augmentation, fiscal support, fund of fund creation, regulatory support and student entrepreneurship.
  • Under infrastructure augmentation a 10,000 square feet warehouse, a 4,000 square feet mobile application centre and a centre for innovation and entrepreneurship will be built in Gurgaon.
  • In fiscal support, the government would provide fiscal incentives to incubators, including capital subsidy, reimbursement for recurring expenses, and exemption on stamp duty and registration.
  • Start-ups would also be given interest, lease rental and innovation promotion subsidies, and incentives and provisions under the Enterprises Promotion Policy-2015. 
  • Fund of fund component will provide funding to support start-ups and a corpus of Rs 200 crore will be created.
Applications by start-ups to register under the policy will be scrutinised by a Committee headed by the Principal Secretary or Secretary of the Industries Department. The shortlisted start-ups would then have to get a certification from Policy Implementation Committee after which they would be eligible for financial incentives.

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