Goa, UP & Punjab Startup Policy – A New Push Towards Growth

The Startup India campaign has received a push in Goa, as the state minister for Information & Technology, Rohan Ashok Khaunte has stated that the incentives under the Goa Startup Policy have been sent for approval. The all-new IT startup scheme in Goa aims to generate employment opportunities and incentives for startups and entrepreneurs in Goa. This scheme is expected to be implemented in the next 20 days.

The Policy

This new policy will give huge incentives and subsidies to startups, which includes a one-time grant of ₹10 lakhs. Special incentives, including reimbursement of up to 50% salary for a startup where a local youth is hired, will also be given.

This new policy is expected to work towards “IT Anywhere” through coworking spaces and clusters across Goa.

Khaunte said that discussions are being made to ensure that the IT investment policy is amended, finalized and sent for approval before 31st March 2018.

The companies that will fall under realms of the IT Startup Policy will be disallowed to apply for benefits under the Goa IT Investment Policy.

Other State Initiatives

Recently, states like Uttar Pradesh and Punjab had also taken the initiative of approving and pushing out new startup policies to encourage entrepreneurship in the states.

In Uttar Pradesh, the startup culture is going to get encouraged with the INFUSE model. A number of incentives are going to be provided by the state government to startups, incubators, and investors funding startups based in the state.

According to a statement given by the UP Energy Minister Shrikant Sharma, the incentives will be provided for setting up of startups and MSMEs in the state. The policy will also provide startups with lands at cheaper rates.

In Punjab, under the Startup Hub Initiative, the state government has proposed an incubation center at Mohali. The policy has been designed to cater to hardware, manufacturing, and related startups. Chief Minister Amarinder Singh also said that under the  Punjab Startup and Entrepreneurship Development Policy 2017, support is going to be extended to women entrepreneurs and startups in Punjab.

Expected Future Impact

India’s GDP has the potential to increase between 16%-20% by 2025 with more women workforce and their increased contribution towards the economic growth of the country. (Report by McKinsey Global Institute)

Indian Entrepreneurs today, need the perfect ecosystem to make their business flourish, which would in the process have a positive impact on the economic growth of the country. It is vital to ensure growth and self-sustainment of these businesses.

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