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Gujarat Government launches India’s first Student Startup and Innovation Policy

Gujarat government launched India’s first student startup and innovation policy with an aims to provide Rs 200 crore in the form of grants to ideas developed by students/

The policy aims to support over 1,000 innovation per year in the state and create pre-incubation support in all universities of the state.

Key Facts
  • The policy will encourage the students from the state to undertake innovative projects related to society, industries, and community instead of conventional academic projects.
  • It will support student-led startups and innovations as well as create an Innovation and Pre-incubation Ecosystem Support (IPIES) across all universities of the state.
  • Under the pre-incubation support, help will be provided to students to convert their ideas from proof of concept (PoC) upto minimum viable proto-type (MVP) and also providing support for patent filing.
  • The policy has been developed under the aegis of Education Department and state government will provide Rs 200 crore as State Innovation Fund (SIF) during the next five years.
  • Of the Rs 200 crore SIF, Rs 100 crore will be allocated by the state government and the remaining amount will be created by internal sources, like university funds and CSR funds. 

Earlier in 2015, Gujarat Government had unveiled startup-assistant scheme, as part of Gujarat Industrial Policy and in 2016 also had launched Information Technology Startup Policy.

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Gujarat government announces Biotechnology Policy 2016

Gujarat Government announced its ‘Biotechnology Policy-2016’ to establish state as a preferred destination for manufacturing of biotechnology products.

The policy has provisions for various incentives for investors who are keen to set up their units in the state. It aims to take annual turnover of biotechnology products to Rs 15,000 crore from current f Rs 4,500 crore turn over within next 3-4 years and make Gujarat top state in this sector in the country.

Under the policy
  • State government will provide capital subsidy up to Rs 25 crore on the total investment for developing a Biotechnology (BT) Park.
  • In addition, the developer of such park will be eligible for 100% reimbursement of stamp duty paid on lease or sale of the land for setting such park.
  • BT Park developer will also be given 100% reimbursement for electricity duty paid for a period of five years.
  • Capital subsidy up to Rs 10 per cent of the gross fixed capital investment(GFCI) with a ceiling of Rs 5 crore will be given to individual BT manufacturing units having GFCI up to Rs 50 crore.
  • Further, BT units borrowings up to Rs 50 crore will be entitled to an interest subsidy at the rate of 5% with a ceiling of 2.5 crore per annum.
  • Government would give 100% reimbursement of stamp duty paid on sale or lease of the land o encourage new start-ups in this sector.

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