Gujarat Government announces IT policy to promote IT-based start-ups

The Gujarat government has announced its first ever IT and Electronics Start-up Policy which will be applicable only to IT and electronics related start-ups.

The policy has special focus on encouraging new ventures by providing them various incentives and subsidies.

Under this policy

  • State Government will develop 50 new incubators to mentor and guide 2,000 start-ups in the next five years.
  • Around 10 lakh sq feet of land has been allotted for development of these incubators, which will provide guidance to budding innovators in setting up their start-up units.
  • State government will provide 50% capital investment assistance, in the limit of 50 lakh rupees, for setting up an incubator.
  • Incubators will be entitled to get 5 lakh rupees each year as mentoring assistance and the state government will give 1 crore rupees as assistance for the procurement of software to these incubators.
  • These incubators and new start-ups will get 100 per cent reimbursement of stamp duty and registration fees.
  • Start-ups will be provided other incentives such as interest subsidy of 9% per annum in the limit of 2 lakh rupees per year, marketing assistance of 1 lakh rupees per start-up, product development assistance of 1 lakh rupees and lease rental subsidy of 15 rupees per square feet per month.
  • For register their patents, state government will give 2 lakh rupees as assistance for domestic registration and 5 lakh rupees for international patent registration.

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Categories: States Current Affairs - 2017

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