The Tamil Nadu government is all set to come out with its startup policy in the next three months. At the same time, the Tamil Nadu government will also launch ‘Innovation voucher scheme’ to promote startups.
Commenting on the development, Dharmendra Pratap Yadav, the secretary of MSME Department, Tamil Nadu said,
“We want to create a support system where we can help young entrepreneurs develop and fine-tune their idea better, help them raise capital, guide them through the production process and finally marketing it. All this is critical to help them succeed. This assistance will be offered by the MSME department when they come to register themselves.”
Under the Innovation voucher scheme, the government will provide these promising startups with small lines of credit of $2.9K (INR 2 lakhs) to $5.8K (INR 4 lakhs). The government order has been issued and funds would be disbursed. For this, the government has allotted $2.94 Mn (INR 20 Cr).
With one of the key focus to support students and youngsters in the state, the department has also tied up with 300 engineering colleges to gain access to these promising students. “We want to include another 150 colleges. This will be the government’s way of setting up a state-supported incubation hub,” added the secretary.
Tamil Nadu’s Upcoming Startup Policy
Union Minister Suresh Prabhu had recently asked the Tamil Nadu government to release its startup policy to boost the number of jobs in the state. Prior to this, the Tamil Nadu government had sought inputs from industry stakeholders to prepare the state’s draft policy.
The process of the new policy was started with discussions with the Entrepreneur Development and Innovation Institute (EDII) in Coimbatore. The policy is expected to focus on technology, manufacturing and services startups.