Bhopal
Chief Minister Dr. Mohan Yavad has said that Madhya Pradesh is emerging as a strong start-up hub, working on the vision of Prime Minister Shri Narendra Modi for industrial development and employment generation of the country. The state government is adopting an effective strategy towards developing start-up culture friendly to the aspirations of young entrepreneurs, giving priority to innovation, entrepreneurship and employment generation. Our effort is to make Madhya Pradesh a “center of start-up and innovation”, where young entrepreneurs get a favorable environment and full support to convert their ideas into successful businesses.
Chief Minister Dr. Yadav has said that the Global Investors Summit to be held in Bhopal on February 24 and 25 will be special in many ways. The summit will include entrepreneurs and investors from many countries. This will provide knowledge of international technical and innovations to our young entrepreneurs and the start-ups of Madhya Pradesh will get a new flight.
Chief Minister Dr. Yadav said that start-ups will not only contribute to the economic development of the state, but will also create new employment opportunities for the youth. We are facing financial assistance, empowerment policy structure and modern infrastructure for the development of start-ups in the state and our government is taking concrete steps in this direction.
Chief Minister Dr. Yadav said that ‘MP Start-up Policy and Implementation Scheme is applicable in the state, under which financial assistance, infrastructure cooperation and policy support are being provided to start-ups. According to the new startup policy, start-ups are given financial assistance up to 18 percent of the total investment (up to a maximum of Rs 18 lakh). This aid is provided separately for each stage of development of start-up, which can help up to a maximum of 4 stages. According to this policy, start-ups are being provided facilities like financial incentive, infrastructure cooperation and capacity building. In addition, start-ups are exempted from experience and turn-over conditions in government tenders and are also exempted from the Ernest Money Deposit.
Chief Minister Dr. Yadav said that the state government is providing exemption from compulsory license and permit fee to start-ups and is giving priority in government procurement for two years. Apart from this, the state has plenty of electricity, water, and natural resources, which make it an ideal destination for investors.
Madhya Pradesh is connected to the major industrial corridors of the country, so that transportation of products is possible from here. This strategic edge will be beneficial for companies who want to expand their business. There are more than 300 industrial parks in Madhya Pradesh, identified as the heart state of India, suitable for innovation and industries. With a population of over 8 crore in the state, it is a huge center of talent, where thousands of graduate passes are passed every year from top educational institutions like 1,287 industrial training institutes, 1,373 government and private colleges and IIT-IIMs. The state government is conducting special programs to promote the spirit of innovation and entrepreneurship among the students of schools and colleges. They will be able to successfully establish their start-ups when the youth are available at the initial level and resources available.
The result of the commitment of promoting start-ups of the state government is that today more than 4,900 recognized start-ups are employed in the state. Special industrial parks have been developed for various areas such as IT, semiconductor, textile, automobile and solar, providing favorable environment for start-ups.
Chief Minister Dr. Yadav said that our goal is to increase the number of start-ups registered under ‘Start-up India’ to 100 percent and to promote start-ups by 200 percent in agriculture and food sector. For this, 72 incubators are working in the state and a target has been set to increase product-based start-ups. This concrete effort of the state government is an important step towards converting Madhya Pradesh into India’s most prominent start-up hub.
Financial assistance and special incentive to encourage start-ups
• Financial assistance of 18 percent (up to Rs 18 lakh) on the first investment of special assistance startups to women, scheduled castes and scheduled tribes entrepreneurs.
• Assistance of 15 percent (up to ₹ 15 lakh) on first investment to other start-ups.
• Assistance up to Rs 5 lakh per event (maximum Rs 20 lakh per year) for programs organized by start-ups.
• A grant of Rs 5 lakh at a time for the expansion of incubators.
• 50 percent of the fare of start-ups (maximum Rs 5 thousand per month) reimbursement for three years.
• Assistance up to a maximum of Rs 5 lakh for the cost of patenting.
• Reimbursement of up to 75 percent for participating in domestic and international events (domestic events up to Rs 50 thousand and international events up to Rs 1.5 lakh).
• License fees exemption and logistics support for start-ups.