Madhya Pradesh

• 16 May 2022

Madhya Pradesh Launches New Startup Policy

Why In news

• Madhya Pradesh's new startup policy was launched through virtual medium at the Startup Conclave organized by Prime Minister Narendra Modi in Indore on May 13, 2022.

Key Point

• The Madhya Pradesh Startup Policy and Implementation Scheme, 2022 has been implemented with a view to fulfilling the objectives of Self-Reliant India and Self-Reliant Madhya Pradesh.
• It incorporates special financial and non-financial facilities to encourage product-based startups.
• Startup India mainly includes achieving 100% growth rate in startups registered and recognized by the Government of India, as well as 200% growth rate in startups registered and accredited with startups registered and recognized in the Government of India in agriculture and food sector.
• Under the policy, if a new enterprise is running in a rented accommodation, the state government will give rs 5,000 per month for rent.
• The selected startup will be given a monthly salary allowance of Rs 5,000 per employee for a maximum of 25 employees.
• The following five pillars have been followed in the policy to achieve the objectives of the policy:
  • institutional cooperation, including ease of doing business,
  • Encouraging product-based startups,
  • promoting innovation and entrepreneurship,
  • Marketing Collaboration,
  • To provide financial and non-financial assistance.