Startup revolution has gripped the country in a never seen before fashion and all the states are slowly and steadily joining the bandwagon. The newest development comes straight from Bihar. The Bihar Government has cleared the launch of the state’s startup policy. The policy includes a Start Up venture capital fund that aims at boosting entrepreneurship in the state.
The fund, with a value of $7.5 billion, is formed as part of CM Nitish Kumar’s ‘seven resolves’. It will be adopted as policy governance for the next five years. The startup policy aims to cater to the needs of emerging entrepreneurs and make Bihar a startup destination in India.
Earlier in June 2016, the Gujarat government announced its IT and Electronics startup policy to promote 2000 new ventures in the next five years in the state. Last month, Odisha’s State Government led by Naveen Patnaik cleared a startup policy for the state. The state has aimed to set up 1000 startups in the next five years for which the state’s MSME’s will provide a seed fund of $3.7 million.
The other cities who have already engaged themselves in boosting the startup revolution include Telangana, Uttar Pradesh, Karnataka, and Rajasthan. With this pace India will soon become a startup hub for the world and this will definitely boost the economy by creating more and more jobs.