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.
Month: Current Affairs - June, 2016