Odisha cabinet clears amendments to startup policy

BHUBANESWAR: Women, transgender or people from scheduled caste, time table tribe and differently-abled would get monthly allowance of Rs 22,000 for growing startup because the state cupboard on Wednesday cleared amendments to Odisha Startup Policy, 2016.
The cupboard led via leader minister Naveen Patnaik approved a chain of incentives to make sure that at least 33 consistent with cent of the startups with founder and co-founder as women. At present, Odisha targets to emerge amongst most sensible 3 startup hubs in India via 2020.

Among others, product development and publicity assistance has additionally been larger to Rs 16 lakhs, if the startup founder or co-founder is a woman or transgender or from social categories comparable to SC/ST/SEBC/ differently-abled, said an reputable remark.

“The cupboard additionally approved the relief in income run rate from 10 lakhs per month to Rs 2.5 lakhs per month all through the preceding six months as one of the most eligibility standards for availing product development and marketing assistance,” said state micro, small and medium enterprises secretary LN Gupta.

It additional approved adoption of relaxed standards for startups at the traces notified via division of business coverage and promotion under the Union ministry of commerce. Earlier an entity to be declared as ‘startup’ was once required to have incorporation/registration no longer prior to five years, has now been relaxed to 7 years generally and 10 years in case of biotechnology startups.

Also, a provision for recognised startups to avail subsidy benefit to the extent of 50 consistent with cent on monthly condo of the incubation area (matter to a most of Rs 5000) for a duration of utmost 12 months has been approved.

It additionally approved a provision for extending commute / area enhance to the recognised startups for participation in nationwide and world events of reputation.
Odisha cabinet clears amendments to startup policy Odisha cabinet clears amendments to startup policy Reviewed by kailash soni on March 14, 2018 Rating: 5
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