In lines with Central Government’s intiative on startups, Gujarat Chief Minister Anandiben Patel on Sunday unveild Gujarat’s new policy for Information Technology (IT) and Electronics startup for the next five years.
As per the new policy, the State Government planned to encourage 50 incubators to take leadership and facilities to 2,000 startups by 2021.
The Chief Minister said about 10 lakh square ft space for incubation would be developed targeting investment of about Rs7,000 crore and new employment generation.
The Government has announced various incentives for incubator and startups. It includes upto Rs50 lakh assistance for fixed capital investment and annual upto Rs5 lakh assistance.100 per cent discount on stamp duty and registration. Rebate of 100 per cent amount of electricity duty for five years. 50 per cent assistance for software purchase upto Rs1 crore to incubators.
For startups the Government has announced various incentives including partnership of startup units for Government’s e-governance project, upto 25 per cent equity linked financial assistance in fund taken fro venture capital fund, 100 per cent discount on stamp duty and registration fee and product development and marketing assistance, Rs15 per square ft per employee lease rental assistance, Rs2 lakh for local patent and Rs5 lakh for international patent and various incentives upto 7 years period.