Lucknow is all set to get the biggest incubation centre in India under Uttar Pradesh startup policy, which will provide assistance and funding to new businesses and start-ups, reports TOI.
The announcement comes from the Additional chief secretary, IT and electronics, Sanjeev Saran, who was addressing an event ‘Creating an eco-system for start-ups’, organised by Indian Institute of Management, Lucknow, in collaboration with Lucknow Management Association.
Earlier, Uttar Pradesh CM Yogi Adityanath had laid the stepping stones for budding startups by earmarking a fund of Rs 1,000 crore for promoting micro, small and medium enterprises (MSMEs) within the state. The government had signed a MoU with SIDBI to felicitate the budding startups.
The incubator will come up on 40-acre space near Lucknow airport. Saran said the incubator centre will give shape to a business idea and fund companies registered in UP. The funding will be done by Small Industries Development Bank of India (SIDBI).
“UP’s start-up policy is better than other states. We give financial assistance of Rs 25 lakh to start-ups. We are currently reviewing both the policy as well as funding. In one month, we are hopeful of coming up with a new start-up policy,” said Saran.
The government has increased the budgetary allocation for start-ups from Rs 10 crore to Rs 1,000 crore. With the incubator centre coming up at Lucknow, the allocation will go up Rs 4,000 crore.
Additional secretary in Niti Aayog, Yaduvendra Mathur, said for the first time in Asia Pacific, a Global Entrepreneurship Summit (GES) will be held in Hyderabad in November. “It is an attempt to connect women entrepreneurs with housewives for startups in the area of education and health,” Mathur said.
In Karnataka, the new startup policy from the Government will include provisions to allow startups to bid for government projects, and has picked up 100 most innovative start-ups after following through a four-layered selection process.