Cabinet approves ‘Meghalaya Startup Policy 2018’ to support entrepreneurs

By Ashwin Kumar (Flickr: Bamboo Bridge) [CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons

Meghalaya cabinet, on Monday, has approved 25 policies, including one which is the state’s startup policy ‘Meghalaya Startup Policy 2018’. The policy aims to help growing entrepreneurs and create employment opportunities.

However, the vision of the policy is, also, to emerge as one of the leading startup hubs in India by 2023. The government has planned to reach its goal of 2023 through strategic partnerships, conducive ecosystem, investment and policy interventions.

Besides, the policy as introduced in August 2018 with an expectations to act as a catalyst in the economic growth of the state, creating models for scalability and replicability across the state, resulting in large-scale employment opportunities.

Therefore, here are some of the points in the Meghalaya State Policy 2018, taken from Inc42:

  • The state government will develop a startup portal and app which will aggregate all information related to the policy, its benefits and the procedure to avail them.
  • The government of Meghalaya proposed to develop quality infrastructure across the state with all necessary facilities made available for entrepreneurs.
  • Approved institutions will be eligible for a one-time grant of 75 per cent of capital cost (cost of building, equipment, connectivity etc.) up to a maximum of ₹5 crore to set up an incubator.
  • These approved institutions shall be eligible for a performance capital grant of ₹5 lakh for each successful startup that they incubate for a minimum period of three months.
  • The approved industry groups/houses shall be eligible for a performance capital grant of ₹5 lakh for each successful startup that they create.
  • The government would put effort to establish one or more startup/innovation park in the state as a one-stop destination for startups, either on its own or in partnership with the private sector.
  • Startups shall be eligible for reimbursement of lease rental at 50 per cent for a period of 3 years subject to a ceiling of ₹2 lakh per year per startup.

In addition, states such as Tamil Nadu, Karnataka, among others, have introduced a startup policy. Several individual states have also been strengthening their startup ecosystem through incubators to boost their positions in the startup ranking for the states, shows latest statistics from Startup India.

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