The startup culture is making great headways in the country under the patronization by the current government. Startups are the new trend that has been flourishing in various parts of the country.
Recently, a startup hub was opened in Patna, the capital city of Bihar. Bihar Deputy Chief Minister Sushil Kumar Modi on 16 March said the state government will be extending its whole-hearted support to the youths of Bihar.
Speaking to the youths working in the field of Information Technology, Modi said that
“Youths should come forward in setting up startups. They should take risks and try to do something different. The state government is committed to providing necessary assistance in the field.”
What would the plan entail?
Workstation and office space equipped with free of cost “plug and play” facility would be made available for 31 startup companies in the newly inaugurated startup hub, he said. The startup hub would help in instilling a sense of entrepreneurship among the young minds of the state. Policy and structural reforms have also been initiated recently in order to promote IT enable services and ESDM (Electronics System Design and Manufacturing) in the state.
An IT Tower is to come up at a Dakbungalow in heart of Patna. It will be developed under the Public Private Partnership mode.
An IT Park in Bihta (in Patna district) and IT city at Rajgir (in Nalanda district) have also been proposed to be set up as a part of the plan. The startup hub would be developed as common facility center.
About Startup India
Startup India is an initiative by the Government of India. The campaign was first announced by Indian Prime Minister, Narendra Modi during his 15 August 2015 address from the Red Fort, In New Delhi. The action plan of this initiative is based on the following three pillars:
- Simplification and Handholding.
- Funding Support and Incentives.
- Industry-Academia Partnership and Incubation.
The Startup India initiative intends to discard restrictive States Government policies within this domain, such as License Raj, Land Permissions, Foreign Investment Proposals, and Environmental Clearances.
It was organized by The Department of Industrial Policy and Promotion (DIPP). A startup has been defined as an entity that is headquartered in India, which was opened less than seven years ago, and has an annual turnover less than ₹25 crore (US$3.8 million).
Under this initiative, the government has already launched the I-MADE program, to help Indian entrepreneurs build 1 million mobile app startups, and the MUDRA Banks scheme (Pradhan Mantri Mudra Yojana), an initiative which aims to provide micro-finance, low-interest rate loans to entrepreneurs from low socioeconomic backgrounds. The initial capital of ₹200 billion (US$3.1 billion) has been allocated for this scheme.
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