The Startup Ecosystem might son find its new abode in Uttar Pradesh (UP). In a fresh turn of events UP government has set aside a fund of INR 50 Crore as Innovation fund in order to boost startups.
The Uttar Pradesh government recently announced the setting up of an innovation fund worth Rs 50 crore, a state food commission as well as a bio-energy development board. In a bid to to promote innovation the government has decided to set up a State innovation Fund for which initial fiscal arrangement of INR 50 Crores has been made in the current financial year.
The plan includes re-invigorating the unorganized sector and reorganizing the State Innovation Council. An innovation cell will be set up to ssist in the operations carried out by the council. The cabinet also decided to set up a state bio-energy board for timely implementation of projects and programmes. The government has exempted biomass/biogas operated engine and generating sets and their parts, besides brush being used for paint or varnish from Value Added Tax, the spokesman said. The cabinet has decided to bring a bill in the next assembly session to unify 30 acts related to revenue department.
The spokesman said that at present 39 acts were effective in the department, of which many were very old or overlapped each other, due to which number of fresh and pending cases was increasing. In such a situation it has become pertinent to unify all the acts and implement a unified statute so that disparity could be removed, he said. The cabinet also decided to implement provisions of National Food Security Act simultaneously in the state for which fund would be arranged in the budget of financial year 2016-17.
Once this initiatives takes off, it is sure to lead UP to great heights in days to come. It will definitely be interested to see Innovation and Startups grow up in the state of Uttar Pradesh (UP).