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Maharashtra Cabinet Meeting: State’s startup policy gets final clearance

In the making for a year, the policy envisages ‘startup incubators’ across state to help entrepreneurs grow their business

Maharashtra CM Devendra Fadnavis in Mumbai. (Express photo by Janak Rathod)

THE Maharashtra cabinet Wednesday cleared the Maharashtra State Innovation and Startup Policy that aims to establish a start-up culture encouraging innovative ideas. The policy, in the making for a year, speaks about setting up “startup incubators” across the state to help new companies by providing workspace, mentoring, and training to help entrepreneurs grow their businesses. The policy defines startups as entities that have been registered in the last five years based on an innovative concept and having annual turnover of up to Rs 25 crore.

Under the plan, incubators in 12 prominent high demand sectors, including construction, production and manufacturing, textile, automotive, hospitality, healthcare, banking, finance and insurance, organised retail, pharmaceutical and chemical, information technology and enabled services, agro-processing and biotechnology will be encouraged.

There will be a maximum of only three incubators for each of these selected sectors. The government plans to set up an incubator in each district of the state on a public private partnership model with lead industries from relevant sectors.

Ten per cent of the incubators per administrative division shall be established on the premises of reputed educational institutions and with each incubator having the capacity to service at least 10 startups. Each incubator must have an incubation space of at least 10,000 square feet.

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The policy states that through these centres the state is planning to attract Rs 5,000-crore investment with an aim to develop at least 10,000 startups creating job opportunities for nearly 5 lakh youth in the next five years.

For recognised incubators or startups that wish to buy or rent property, 100 per cent of stamp duty and registration fee will be compensated for the first transaction and 50 per cent for the second transaction. Under the policy, startups will also be compensated for the cost of obtaining an Indian patent of upto Rs 2 lakh and an international patent of upto Rs 10 lakh.

The policy also calls for setting up two world-class accelerators, which include mentorship and educational components to be set up one each in Nagpur and Aurangabad, in collaboration with experienced national and international establishments on PPP mode to faciliatate startups. The policy has been prepared by the Government of Maharashtra’s skill development and entrepreneurship department. It says innovation is the antidote to economic recession.

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“Startups will be provided services of top-class management and administrative experts through accelerators. This will help startups avoid mistakes, function efficiently, and reduce the risk of their failure,” states the policy.

 

First published on: 18-01-2018 at 03:52:56 am
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