Odisha targets to help setting up 1,000 startups in five years

Odisha government today approved a new policy with a target of making the state home to at least 1,000 startups over the next five years. The Odisha Startup Policy (OSP), 2016, will be unveiled by Chief Minister Naveen Patnaik at an investors meet in Bengaluru next month. OSP envisages Odisha being among the top three startup hubs in the country by 2020 through strategic partnerships, conducive ecosystem, investments and policy intervention.

odisha policy

On Tuesday, the state cabinet also announced a special session of the assembly to ratify the GST Bill, which has been passed by both houses of Parliament and needs approval from half the state assemblies.

“The policy targets setting up of at least 1000 startups within a period of next five years. It also envisages Odisha to be amongst the top three startup hubs by 2020,” said chief secretary AP Padhi following the cabinet meeting.

The state government would come up with a startup capital infrastructure fund up to Rs 25 crore to support the startup units and young entrepreneurs. The government would also participate in the private state specific funding system to help the startups to grow.

Under the policy, universities and colleges are eligible for one-time capital grant up to Rs 1 crore to set up incubation facilities in their campuses to help students to learn about startups. Besides, government would provide reimbursement up to Rs 1 lakh per year for three years to institutions, incubators and industry for proving internet, electricity and mentoring services to startups.

Telangana, Karnataka, Uttar Pradesh, Gujarat and Rajasthan are among the other state that have already announced their state specific policies.