Proposed startup coverage of Punjab more likely to be launched by year-end

Proposed startup coverage of Punjab more likely to be launched by year-end



Tribune Information Service

Vijay C Roy

Chandigarh, November 15

After approval from the state Cupboard, the Trade Division will take a name on whether or not to introduce the startup coverage as a separate coverage or as part of the brand new Industrial Coverage.

Aiming to spice up and nurture the colourful startup ecosystem within the state, the proposed coverage is more likely to be launched by the year-end.

The sooner startup coverage was part of the Industrial and Enterprise Improvement Coverage, 2017, which lapsed final month. It’s value noting that after finding out startup insurance policies of varied states comparable to Karnataka, Telangana and Kerala, the Trade Division has included many greatest practices within the coverage to observe a proactive method to facilitate ease of doing enterprise for startups within the state.

In accordance with the draft coverage, the eligible startups shall be supplied an curiosity subsidy of 8 per cent every year for a interval of 5 years on the speed of curiosity paid on loans obtained from scheduled banks or monetary establishments. Additionally seed grant as much as Rs 3 lakh per startup shall be supplied for validation of concept, prototype improvement, help in direction of travelling prices and finishing up subject or market analysis. Additional, reimbursement of 25 per cent of lease rental subsidy to eligible startup items established within the state, working from incubators, IT parks, industrial clusters or another notified location shall be eligible for a interval of 1 yr.

Additional, the state intends to assist cluster particular backside up method to construct and strengthen startup and entrepreneurship ecosystem within the state.

As well as, it might additionally handhold girls who’ve enterprise concepts and have an interest to start out their enterprise ventures. The state will present particular schemes to advertise girls entrepreneurship. Presently, over 400 startups from the state are registered with Begin-Up India-Division of Promotion of Trade & Inside Commerce and Begin-Up Punjab.

Salient options

  • An curiosity subsidy of 8% every year for 5 years on the speed of curiosity paid on loans from scheduled banks or monetary establishments
  • Seed grant as much as Rs 3 lakh per startup shall be supplied for validation of concept, prototype improvement, help in direction of travelling prices and finishing up analysis





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