The government has estimated that the new policy will help in generating 150,000 direct and indirect employment and self-employment opportunities by promoting the start-up culture. Currently, UP is ranked among the top three in the states’ Startup Rankings, which the Adityanath government is targetting to improve further.
To promote startup ventures, the state has developed a robust online clearance system and set up a Rs 1,000-crore ‘Start-up Fund’ with the help of Small Industries Development Bank of India (SIDBI), apart from a ‘UP Angel Network’ to handhold green business ventures.
“Leading venture capital and angel investor funds in India have evinced keen interest in the UP Start-up Fund,” Kumar said.
Before the UP Startup Policy 2020 was promulgated, the startups
were governed under the UP Information Technology and Start-up Policy 2017, which was primarily focussed on the IT sector while neglecting other fields.
However, the new policy has accorded parity to the start-ups pertaining to all segments viz. agriculture, medical and health, energy, Khadi, education, tourism, transport etc. It was prepared after studying the start-up policies followed in other leading states apart from taking feedback from sectoral experts. Besides, the government is giving special financial incentives to start-ups in the backward regions of Purvanchal and Bundelkhand regions.
Following the influx of over 3.5 million migrant labourers from other states due to Covid-19 lockdown, the Adityanath government is looking to harness their skills by providing them jobs suited to their profiles and creating self employment opportunities. The start-up and other sectoral policies are aimed at accelerating the pace of economic activities and promoting entrepreneurship.