PM Modi to Launch Madhya Pradesh’s New Startup Policy on May 13

An official said on Monday that Prime Minister Narendra Modi will virtually announce the Madhya Pradesh government’s new startup policy strategy on May 13 in order to encourage emerging entrepreneurs in the state.

According to him, the Madhya Pradesh government’s Startup Policy and Implementation Plan-2022 will provide a slew of incentives to eligible early-stage enterprises.

The official claims that monetary aid would be provided for paying rent for a startup’s workspace, and employee salaries, as well as a provision for financial assistance for product patents and government purchase reservations.

“If startups are working from a rented location, under the new policy, Rs 5,000 per month would be given under the head rent and Rs 5,000 per month salary for each of the 25 employees,” said P Narhari, the state’s Micro, Small and Medium Enterprises (MSME) secretary.

In addition, early-stage companies would be offered reimbursements for training their personnel, according to Narhari.

According to the top bureaucrat, they will be given up to Rs five lakh in support for product patents.

He stressed that any financial aid provided under the new policy will be in the form of grants that will not be repaid to the government.

“We can pay a maximum of Rs 15 lakh as a grant to each business approved by the Centre,” Narhari said, adding that if the entrepreneur is a woman, the amount increases to Rs 18 lakh.

Om Prakash Saklecha, the state’s MSME minister, said the state government drafted the new startup policy three months after meeting with all stakeholders.

He stated that qualified startups will be given priority in government procurement.

According to officials, Madhya Pradesh has 1,937 businesses that have been recognised by the federal government and the state, with 45 percent of them being operated by women.