Rohan Khaunte, Minister for information and technology, Goa said on 16 March that the incentives under the startup policy had been finalized and they have been sent for cabinet approval, as reported by The Times of India.
This step by the state government is sure to make major headways in the central government’s plan of ‘Startup India’.
Khaunte has mentioned that meetings were being held on a daily basis so that the revamped IT investment policy could soon be finalized and also sent for approval from the Cabinet.
What does the policy promise?
The Goa IT startup schemes are expected to be rolled out in 20 days. It focuses on employment generation and incentives for Goan entrepreneurs or startups based in Goa.
The policy promises of massive subsidies and incentives for startups.The biggest showstopper, however, is a one-time grant of Rs 10 lakh to a startup that promises a minimum viable product.
Special incentives have also been announced for Goan startups while declaring reimbursement of up to 50% of the salary for any startup where local youths are hired.
However, even after being notified about these schemes, these did not get formal approval by the government. As a result, the startups did not get access to these benefits.
The proposed Goa IT investment policy, a revamped version of the one that was notified in 2015, also requires completion and approval.
The policy is expected to encourage the ‘IT Anywhere’ concept through clusters and co-working spaces across the state.
A government source has, however, claimed that those companies seeking benefits under the IT startup policy will not be allowed to apply for incentives under the Goa IT investment policy.
The state Department of Information and technology is working with global consultant EY, formerly known as Ernst & Young.
Startup initiatives in other states
Along with Goa, several other Indian states have brought about such initiatives to help flourish the startup ecosystem.
Uttar Pradesh has started a startup programme named INFUSE model (INcubators – FUnd of Funds – Startup Entrepreneurs). The state government will be providing a number of incentives to incubators, startups, and investors funding UP-based startups. The policy will provide startups with the necessary lands at cheaper rates and help set up industrial parks and estates of over 20 acres.
Punjab state government has proposed a state-of-the-art incubation centre at Mohali under the Startup Hub Initiative. This policy will cater to startups based on hardware, manufacturing, and related startups.
Off late, Odisha has also joined the camp as the cabinet of Odisha led by Chief Minister Naveen Patnaik has approved a series of incentives to ensure that at least 33 % of the startups with founders and co-founders as women emerge in the state.
Bihar has also followed suit and opened up a startup hub in the state capital.
All these initiatives are sure to boost up the startup culture in the country and encourage more entrepreneurs.
Also Read: First Ever Seaside StartUp Summit At Goa: Four Days Of Fun, Frolic And Learning
