BHUBANESWAR: The state cabinet headed by chief minister Naveen Patnaik on Tuesday approved the Odisha startup policy to promote entrepreneurship among youths.
The chief minister would unveil the policy at the Odisha investors meet in Bengaluru on August 26.
“The policy targets setting up of at least 1000 startups within a period of next five years. It also envisages Odisha to be amongst the top three startup hubs by 2020,” said chief secretary AP Padhi following the cabinet meeting reports The Times of India.
The state government would come up with a startup capital infrastructure fund up to Rs 25 crore to support the startup units and young entrepreneurs. The government would also participate in the private state specific funding system to help the startups to grow.
Under the policy, universities and colleges are eligible for one-time capital grant up to Rs 1 crore to set up incubation facilities in their campuses to help students to learn about startups. Besides, government would provide reimbursement up to Rs 1 lakh per year for three years to institutions, incubators and industry for proving internet, electricity and mentoring services to startups.
“For each successful startup, the approved incubators will be eligible for a performance capital grant of Rs 5 lakh,” Padhi said.