State To Provide Rs 15 Lakh Financial Aid For Startup’s

Story Highlights
  • PM Modi will launch the Madhya Pradesh government's new startup up policy on May 13th
  • A host of incentives will be given to eligible early stage companies.
  • Monetary assistance will be given for paying rent for a startup's workplace, salaries of employees etc.

Indore: Unveiling the curtain raiser of Madhya Pradesh Startup Policy, MSME Minister Omprakash Saklecha on Monday said that the recognized business ideas will be provided financial assistance of up to Rs 15 lakh four times in its incubation period along with grant for rent and salary of the staff. “Prime Minister Narendra Modi, in a programme to be organized in Indore on May 13th, will virtually launch MP Startup Policy while chief minister Shivraj Singh Chouhan will mark his presence as a special guest,” Saklecha said.

Adding that MP Startup Policy, which has been formed within three months of the Prime Minister’s declaring January 16th as National Startup Day, aims to provide alternate fields for the investors to invest in and they should not remain strict only to gold and real estate while the startups should also get all the resources and opportunities.  

According to the MSME Minister, efforts will also be made to matchmaking of business ideas of young entrepreneurs and resources of others further to boost the country’s economy. “We are aiming to give around 10-folds growth to sustainable startup ideas this year,” he said, adding that the investors will themselves assess the risk factor involved in the success of any business idea.

“MP Startup Policy will have new features, which were earlier not available for nurturing of new business ideas,” MSME Commissioner P Narahari said, adding that Startups, which have already managed to attract some investment, should be recognized and to be registered at the central government’s Startup India Portal, will be provided additional support by MP Government as the policy will help in developing such an ecosystem.

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