Policy to Make Odisha Top Start-up Hub Soon

Published: 12th April 2016 05:32 AM  |   Last Updated: 12th April 2016 05:32 AM   |  A+A-

BHUBANESWAR: The State Government has decided to formulate a policy in a bid to put Odisha among top three start-up hubs in the country by 2020.

The draft policy, which has been put in the public domain, maintains that the State Government will create enabling environment and supporting eco-system to facilitate at least 1000 start ups during next five years. The policy will be notified after getting approval of the Cabinet.

The State Government will establish one or more start ups/innovation parks in Odisha as one-stop destination for start-ups, either on its own or in partnership with private sector.

The policy will encourage incubators including sector-specific ones aligning with the State’s strengths and requirements. The Government will take steps to provide skill-based training to encourage youths to take up start-ups.

Besides, the policy will encourage all major companies operating out of Odisha to include skill and infrastructure development for start-ups as an integral component of their CSR activities. The CSR funds of State public sector undertakings (PSUs) will be channelised and utilised for development of start-ups/innovation parks in compliance with the Companies Act, 2013. The policy will remain in operation for five years from the date of its notification or until substituted by another policy, whichever is earlier. Official sources maintained that the policy will provide incentives and exemptions above the start-up policy of the Centre and any other existing policy in the State.

Realising the importance of quality infrastructure required for creating successful start-ups, the Government will encourage creation of world-class incubators in universities/institutions, research and development and industry.

The Government will encourage universities and educational institutions, which are in existence for at least five years and approved by State level implementation committee, to support and mentor innovators. Such approved institutions will be eligible for a one-time grants towards capital items upto `50 lakh to set up incubator facility.

The approved incubators will also be eligible for performance capital grant of `5 lakh for each successful start-up they incubate. Besides, approved industrial houses will be eligible for a performance capital grant of `5 lakh for each successful start-up they create.

The policy will be implemented by a two-tier Government structure, a start-up council/State level implementation committee to headed by Chief Secretary and a task force-based review mechanism headed by the Secretary in Micro, Small and Medium Enterprise (MSME) Department.

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