With a view to support the Indian startup ecosystem, the Punjab government is looking to set up an INR 100 crore startup fund to support the MSME (micro, small and medium enterprises) sector and entrepreneurship, reported Inc42.
The planning was revealed by Chief Minister Captain Amarinder Singh at the two-day Progressive Punjab Investors Summit-2019.
As per the sources, the startup fund will be set up by the state in partnership with IKG Punjab Technical University for the promotion of incubators.
The state has also set up a working group chaired by the Chief Secretary to ensure expeditious delivery on all proposals discussed at the summit. A report shall be submitted by the working group within a month.
The state government assured investors of industry-friendly policies while portraying the strength of Punjab MSMEs. Further, at the summit, the state government signed an agreement with Atal Incubation Centre at ISB (Mohali) to support agritech startups.
Furthermore, as per the statistics, Punjab has over 1,000 active startups and about 140 startups are registered with the Department of Promotion of Industry and Internal Trade (DPIIT) and the number is increasing every day.