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Gujarat is leading in realizing the dream of ‘Make in India’ Gujarat CM announces new IT and Electronics Policy for Start-up: Gatisheel Gujarat’s big stride in creating opportunities for start-up

Announcement under the new policy 50 incubators will be prepared providing able leadership and facilities to 2000 start-ups in 5 years : 10 lakh sq.ft. space for incubation will be developed



Investment worth Rs. 7000 crore will create ample employment opportunities

Incentives for Incubators

Assistance upto 50% of Fixed Capital Investment with upper limit of Rs. 50 lakh : Assistance for consultancy upto Rs. 5 lakh annually.

100% exemption in stamp duty and registration fees : 100% Electricity Duty for a period of 5 years will be reimbursed.

50% assistance for the purchase of software with upper limit of Rs. 1 crore

Incentives for Start-up

Partnership of competent start-up units in e-Governance projects of the government : 25% equity assistance to start-up units

100% exemption in stamp duty and registration fees

Lease rental assistance of Rs. 15 per sq.ft. per employee per month

Assistance at the rate of 75% with upper limit of Rs. 2 lakh for local patent and Rs. 5 lakh for international patent

Gujarat Chief Minister Smt Anandiben Patel has taken several steps to realize the dream of ‘Make in India’ and ‘Start-up Mission’ envisaged by the Prime Minister Shri Narendra Modi. Gatisheel Gujarat, under the able leadership of CM Smt Anandiben Patel, has implemented many new policies for the same. Continuing the same approach, CM Smt Patel announced a new IT and Electronics policy for Start-up today.

CM Smt Patel stated that this new policy will be a big stride in creating optimal opportunities for start-up. She also said that under the new policy, 50 incubators will be prepared providing able leadership and facilities to 2000 start-ups in 5 years. Moreover, 10 lakh sq.ft. space for incubation will be developed. Investment worth Rs. 7000 crore, estimated under the new policy, will create ample employment opportunities.

Education institutes and other private institutes usually set up special incubators for research and guidance to prepare start-ups under this new policy, where necessary direction and facilities are provided for personifying the innovative ideas. CM Smt Patel also informed about the incentives suggested in the policy to enable these incubators. Accordingly, assistance upto 50% of Fixed Capital Investment (GFCI) with upper limit of Rs. 50 lakh will be given. Similarly, assistance for consultancy upto Rs. 5 lakh and operating assistance of 25% with upper limit of Rs. 1 crore annually on the funds received from other sources by the incubator. 100% exemption in stamp duty and registration fees will also be given.

Moreover, incentives for power tariff and electricity duty are also announced under this policy. Accordingly, power tariff subsidy of Rs. 1 per unit will be given on electricity bill. 100% Electricity Duty for a period of 5 years will be reimbursed. In addition, 50% assistance for the purchase of software with upper limit of Rs. 1 crore will also be provided to the incubators associated with educational institutes.

The state government has made provisions for many incentives for start-ups in this new policy in which, 100% exemption in stamp duty and registration fees as well as lease rental assistance of Rs. 15 per sq.ft. per employee per month with upper limit of 50 sq.ft. are also announced. Moreover, there is a provision of assistance at the rate of 9% with upper limit of Rs. 2 lakh for annual interest compensation assistance.

Moreover, to meet the cost of patent registration, provision of assistance at the rate of 75% with upper limit of Rs. 2 lakh for local patent and Rs. 5 lakh for international patent is also made in the policy. Besides, 70% reimbursement of bandwidth charges with upper limit of Rs. 20,000 for two years and provision of providing expertise assistance of Rs. 5000 with upper limit of Rs. 1 lakh annually for start-up. In addition, one time assistance of Rs. 1 lakh each will be provided under the policy for market development and product development respectively.

CM Smt Patel called the partnership of start-ups in e-Governance projects of the government as an important decision and shared detailed information on the same. The works are assigned to competent external agencies to maintain the quality of e-Governance project of the state government. An important provision of assigning works worth 5% to 10% of the project value to the college and university students through competent agency has been made in the new policy. For this, Science and Technology Department will arrange to verify and publish the list of major universities and colleges for this purpose. With this, start-ups will start receiving basic projects as well as skill and working standards will also be improved, she added.

CM Smt Patel shared that start-ups need money when they get success and a necessary provision has been made for the same in this policy. Accordingly, start-ups will get 25% of the equity with upper limit of Rs. 5 crore of the unverified funds received from the registered venture capital fund.

Moreover, under this policy, start-ups will continue to get various incentives for two years and thereafter under IT, ITES and Electronics policies of the state government, assistance will be given for another 5 years. Hence, start-ups will get incentives for 7 years under these policies.

This new policy will give boost to new entrepreneurs. It will also encourage skill development in the youth as well as promote research and development activities and will also create immense employment opportunities in the state.

 
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