Youths will get loan up to `10L for start-ups

| | Bhopal
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Youths will get loan up to `10L for start-ups

Sunday, 30 September 2018 | Staff Reporter | Bhopal

Chief Minister Shivraj Singh Chouhan said that the youths of the State will be provided loan up to Rs 10 lakhs without interest and seed capital for startups. Innovation Council will be formed in the state. Madhya Pradesh will become the Entrepreneur Network.

Changing the policy, arrangements will be made for government purchase through startups up to Rs 30 lakh without tender. Startups will be provided better environment and facilities in the State. Madhya Pradesh will be the new destination for startups in the country.

Chouhan was addressing young entrepreneurs at the Startup Conclave here on Saturday. At the outset, the Chief Minister dedicated Bhopal Metro Project office and laid the foundation for works worth Rs 800 crore.

The Chief Minister said that startups will be encouraged to provide opportunities to every youth of Madhya Pradesh to fulfill his ambition and give natural expression to his talents. He said that incubation centres are being made in all seven smart cities of the state. All facilities will be provided to the youth to launch startups.

Incubation centres on PPP model will be started in selected colleges. Venture Capital Fund has been made for innovative ideas in the state. Mukhya Mantri Yuva Udyami Yojana will also be linked to this. Successful industrialists will be told to mentor incubation centres. The Chief Minister said that there are widespread possibilities for startups in fields like agriculture, tourism and transport in the state. Industrial corridor will be built near the three new Express Highways of the state including Indore-Bhopal, Chambal Expressway and Narmada Express Highway.

Chief Executive Officer, NITI Aayog, Amitabh Kant said that India's gross domestic product rate is 7.5 per cent. In the next 30 years, the target of increasing GDP growth is 9 to 10 percent. This goal would be possible only by promoting start-up. The Centre had formed startup policy in January 2016 following which several startups came up in one and a half years. Madhya Pradesh took the initiative by forming its startup policy in the year 2016.

The eco system created in Indore for startups is commendable. A sum of Rs 10,000 crore fund has been created in the country for startups. Startups will be charged with zero percent income tax for any three years in the initial 7 years. Production from startups will be purchased for Government of India undertakings. In the last four years, 20,000 startups have begun in the country, out of which 4500 are technology startups. Total 1100 multinational companies in the country have established research and development units in the country.

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