Haryana cabinet approves start-up policy

A start-up policy to develop Haryana as an innovation hub by supporting new-age companies and entrepreneurial talent was approved by the state cabinet here today.

The cabinet, headed by Chief Minister Manohar Lal Khattar, approved the policy, an official release said.

The policy is aimed at attracting investments to the tune of Rs 1,500 crore in the incubation and start-up ecosystem in Haryana, facilitating venture capital funding of a minimum of Rs 200 crore and encouraging, facilitating and incubating at least 500 start-ups.

"This is to be done by creating a sustainable ecosystem of innovation, research and development and engineering in the state, aligning Haryana with the 'Start-up India', a flagship initiative of the central government, enhancing industry- academia collaboration and linking universities, research institutions and the business community and promoting businesses that are aligned with the region's unique areas of opportunity," the release said.

For this purpose, it is proposed to establish a start-up hub in Gurugram and at least 22 technology, business incubators or accelerators, one in each district.

It is proposed to develop incubation space of one million square feet across the state.

All applications of potential start-ups received by the policy implementation committee would undergo a preliminary examination by the committee headed by the Principal Secretary, IT.

To be eligible, the company or entity should be registered in Haryana under the Haryana Shops and Commercial Establishment Act, 1958 and should employ at least 50 per cent of its total qualified workforce in the state.

After an extensive stakeholder consultation, the policy has been built upon the five important pillars of infrastructure augmentation, fiscal support, fund of fund creation, regulatory support and student entrepreneurship, the statement said.

A United Nation Innovation and Technology Lab would also be built in collaboration with the United Nation, with an aim to promote local women entrepreneurship.

Through this lab, a dedicated fund raising initiative would be launched, with a target to raise USD 5 million, to support women entrepreneurship in the state.

A centre of excellence for IoT (Internet of things) would also be established to promote innovation in the field of IoT, Robotics and AI (Artificial Intelligence) and create framework for adoption of newer solution by the industries.

Under fiscal support, the government would provide various incentives to incubators, including capital subsidy, reimbursement for recurring expenses and exemption on stamp duty and registration.

The government would provide various incentives to the start-ups as well.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

TAGS:

Economy