SUMMARY
Attending the Startup India Plan at Atal Incubation Centre, Goyal interacted with youth engaged with startups and asked them to find cost-effective solutions to help Indian society
He advised youth that constant monitoring and accountability of work is important to achieve success
Goyal’s remark comes a few days after the UP government revamped its startup policy
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According to Union Minister Piyush Goyal, there are more than 7000 registered startups in Uttar Pradesh while over 236 startups have been registered alone in Varanasi, UP.
Attending the Startup India Plan at Atal Incubation Centre, Goyal interacted with youth engaged with startups. He urged them to find cost-effective solutions to help Indian society.
“Startups should be engaged in finding solutions to common people’s problems and are making people’s lives easier,” the union minister said.
The minister encouraged the youth of the state to promote LED bulbs and also talked about the success of the Ujala app. He also noted that constant monitoring and accountability of work is important to achieve success.
Goyal’s remarks come a few days after the UP government revamped its startup policy. Under the new policy, the state government will offer more incentives and financial SOPs to promote startups operating in the region.
Besides, the state government has also increased the range of monetary benefits offered to startups including increasing seed capital to INR 7 Lakh, growing monthly sustenance allowance to INR 17,500 and introducing a monetary benefit worth INR 5 Lakh for prototype development.
“Through this policy, the UP government seeks to promote women entrepreneurs in the state. It will also support sectors such as rural development, cleantech and sustainability, among others thereby, aligning with the United Nations’ ESG goals,” Abhishek Tiwari, lead advisor at UP Startup Policy told Inc42.
Tiwari also informed that the state government is carrying out workshops and contests in colleges and universities to support budding entrepreneurs.
Earlier this year, the state government shared that it would set up an INR 4,000 Cr ‘UP Innovation Fund’ to back seed-stage startups and would also create an INR 1,000 Cr angel fund to back about 10,000 startups.
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