MUMBAI: Chief Minister Devendra Fadnavis on Wednesday announced a new policy on start-ups. This includes a state-of-the-art start-up park in Pune. The government approved the startup policy at a Cabinet meeting.
According to the policy, in next five years, the government will encourage youngsters to implement new ideas in information technology, bio-technology and clean energy generation.
The state has a 15 percent share in the nation’s economy. The government want to increase the share and for that the industrial development of the state should be increased. The start-up policy was drafted by a committee set up by the government under the leadership of Skill Development Minister Sambhaji Patil Nilangekar, State Minister Dr Ranjit Patil and scientist Dr Raghunath Mashelkar.
According to the policy the government will develop 15 hubs and generate employment for five lakh youths. The target is that 10,000 start-ups should be started in five years.
Once registered as start-ups, the unit will be considered a start-up till the turnover reaches Rs 25 lakh or for a period of seven years. In case of bio-technology the period will be 10 years. During this period the government will help the start-up and there would no inspection of the unit.
The start-ups will get help of Rs 5 lakh. The government has made it mandatory for the MIDC to reserve 5 per cent commercial space for incubators.