Gujarat Govenment announces new policy for IT-based start-ups

Under the policy, IT and electronics start-ups will get incentives and financial assistance from state government for two years. Fifty incubators would be set up in the state under the policy.

By: Express News Service | Ahmedabad | Published: June 6, 2016 7:00 am
Anandiben Patel, Gujarat, Gujarat development, Gujarat investment, Gujarat IT, Gujarat start ups, Gujarat business, Gujarat government, Gujarat Chief Minister Declaring the policy here at a press conference, the CM added that through the policy estimated investment of Rs 7,000 crore was likely to come in Gujarat which would also bring in lots of employment opportunities. (File Photo)

Aiming to promote and financially assist 2,000 start-ups in the state in next five years, Gujarat Chief Minister Anandiben Patel Sunday declared her government’s Information Technology (IT) and Electronics Start-up policy.

Declaring the policy here at a press conference, the CM added that through the policy estimated investment of Rs 7,000 crore was likely to come in Gujarat which would also bring in lots of employment opportunities.

Under the policy, IT and Electronics start-ups will get a number of incentives and financial assistance from the state government for two years and the successful start-ups will continue to get incentives and benefits under the broader IT/ITeS & Electronics Policy of Gujarat Government which have already been announced.

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The CM said that 50 incubators would be set up in the state under the policy. These 50 incubators will include incubators already set up by various educational institutes like the Indian Institute of Management Ahmedabad (IIMA), Gujarat Technological University (GTU), Entrepreneurship Development Institute (EDI), IIT-Gandhinagar, National Institute of Design (NID) etc. These incubators run by educational institutes will be given special financial assistance under the policy like up to Rs 1 crore for buying softwares.

Under the policy, the new start-ups will get power tariff subsidy of Re 1 per unit. To add to that, they will get 50 per cent of Electricity Duty back for five years. The new ventures will also get 100 per cent exemption in stamp duty and registration fees.

For obtaining national and international patents, the start-up firms will get financial assistance of up to Rs 2 lakh and Rs 5 lakh, respectively.

The CM also announced that the start-ups registered in Gujarat will get 5-10 per cent work in Gujarat government’s E-Governance Project major work of which is being given to capable firms. This policy decision will ensure that the start-ups not only start getting work, but also necessary experience of working along with big companies which will improve their technical skills and standards, the CM said.

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