Home ECONOMY Odisha to formulate start-up policy by March 16

Odisha to formulate start-up policy by March 16


Odisha Sun Times Bureau
Bhubaneswar, Dec 6:

Odisha government is working towards formulating its start-up policy to encourage new entrepreneurs in the state. The policy is expected to be ready by March 2016.

Debi Prasad Mishra

As per information provided by Industries Minister Debi Prasad Mishra, the start-up policy is aimed at creating an ecosystem for new business ventures, attracting investments, setting up incubation centre and providing infrastructure facilities in the state.

“The state government already has a vibrant IPR (Industrial Policy Resolution), IT policy and MSME policy that have been helping entrepreneurs in the state. Start-up and downstream policies are in the pipeline and will be released soon. The TiE (The Indus Entrepreneurs) has suggested a draft policy and we will take a call on it soon at the government level,” said Mishra yesterday at the Start-up policy meeting organised by TiE in Bhubaneswar.

“There are plenty of ideas for start-up in electronics, agro industries, bioinformatics and biotechnology sectors that need to be supported,” he added.

Speaking at the event, state Industries Secretary Sanjiv Chopra assured to work on the draft policy presented by TiE and turn it into a substantially better policy compared to the other states.

Notably, the draft policy suggested by TiE aims at making Odisha rank among the top three start-up destinations in India by 2020 and at developing a robust ecosystem in five of the towns of the state by the same year.

The objective of the policy also includes attracting Rs 1,000 crore in investment into incubation and start-up ecosystem. Further, it targets providing Rs 250 crore for youth entrepreneurship activities in next five years or spend one percent of the state budget for the same to set up 20 technology business incubators and at least 1000 technology product start-ups.