Gujarat at its best level to boost tech entrepreneurs!

Recently, Gujarat Chief Minister, Anandiben Patel announced new policy for IT startups at a press conference. For two years, IT and electronics startups will get a slew of incentives, subsidies and financial assistance from the state government. In 2015, the Gujarat Government had emphasized on manufacturing and service sector. Now, it’s time to pay heed to tech and IT industry of Gujarat.

Under the policy, 50 incubators would be set up and 2,000 startups would be mentored and financially supported in the next five years. These incubators will incorporate incubators set up by some renowned educational institutes like the Indian Institute of Management Ahmedabad (IIMA), Gujarat Technological University (GTU), Entrepreneurship Development Institute (EDI), IIT-Gandhinagar, National Institute of Design (NID) etc. Nevertheless, these incubators will be given a special financial assistance up to 1 crore for buying software.

This policy is known as ‘Information Technology (IT) and Electronics Start-up policy’, which estimates an investment of Rs. 7,000 crore. The already established startups in this field will continue to get incentives and other benefits of the policy. In this way, a lot of employment opportunities would be generated within no time.

Under the policy, the new start-ups will get power tariff subsidy of Re 1 per unit. Also, they will get 50 per cent of Electricity Duty back for five years. The new ventures will also avail 100% exemption in stamp duty and registration fees.

For obtaining national and international patents, the start-up firms will get financial assistance of up to Rs 2 lakh and Rs 5 lakh, respectively. The policy also gives 5-10 % work in Gujarat government’s E-Governance Project, which is majorly backed by capable firms. This policy decision will ensure that the start-ups not only start getting work, but also necessary experience of working along with big companies that is needed to improve their technical skills and standards.

A great initiative by Gujarat Government!

Takeaways:-

• For two years, IT and electronics startups will get a slew of incentives, subsidies and financial assistance from the state government.
• Under the policy, 50 incubators would be set up and 2,000 startups would be mentored and financially supported in the next five years.
• This policy is known as ‘Information Technology (IT) and Electronics Start-up policy’, which estimates an investment of Rs. 7,000 crore.

Read More : Gujarat University Funds 12 Startups

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