Odisha’s State Government, led by Naveen Patnaik has cleared a startup policy for the state. The policy will be launched at an investor meet in Bengaluru this week.
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 Mn (INR 25 Cr). According to a press release, the IT dept will also participate in private state-specific funds.
While welcoming the policy, Rajib Shekhar Sahoo, President, TiE Bhubaneshwar said, “The policy extends hand-holding to individual startups while supporting them with logistics, finances, and institutional incubators.”
Under this initiative, universities in the state will also be offered financial help to set up incubation centers.
“With Bhubaneshwar being home to educational institutions like IIT, NISER, and XIMB, finding young entrepreneurs to groom will not be a problem,” he added.
The state cabinet also announced a special session of the assembly to ratify the GST (Goods and Service Tax) bill, which has been passed by both houses of parliament and is pending approval from more than half of Indian state assemblies.