Gujarat government announces policy for tech-based startups

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Policy-Social Media Art copy 2Entrepreneurs based in Gujarat, here’s a piece of news that is surely going to add some more cheer to your Sunday. In order to provide a boost to tech entrepreneurship in the state, the Gujarat government has decided to launch its very first ‘IT and Electronics Startup Policy’ for the state.

With the policy, the state government’s aim is to encourage more and more entrepreneurs and startups to set up their base in the state by providing them with a slew of lucrative subsidies and incentives.

The only catch here is, that the policy will only be applicable to startups belonging to the IT and electronics. The detail was revealed by Gujarat CM Anandiben Patel during the launch event of the policy.

“Under the policy , the state government would develop 50 incubators to mentor and guide 2,000 startups in the next five years. Our aim is to attract an investment of Rs 7,000 crore through this policy,” said said the CM during the policy launch event. In order to make all this possible, the state government will be allotting around 10 lakh sq ft of the state land for the purpose of developing 50 incubators, which will be providing guidance and mentorship to budding innovators/entrepreneurs in setting up their startups.

In addition to all this, these incubators will also be provided with a sum of Rs. 5 lakh each year as mentoring assistance. Further, the Gujarat government will also give them an additional sum of Rs. 1 crore as assistance for procurement of software for the incubators.

Prior to this policy, the government had announced a policy for manufacturing and services sector focused startups in January last year. The main difference between the January 2015 policy and the current one is, that while the earlier one focused on the manufacturing sector, the latter one is only meant for technology-based startups.

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