Madhya Pradesh Incubation and Start-up policy. MP is India’s 2nd largest state and is also among the fastest growing state with a 10.12% GSDP in year 2014-2015. In recent years the state has gained significantly in investment and economic growth. The state has developed robust infrastructure and a conducive policy environment with industrial growth centres which has expedited the growth of industrialization.
The state realizes that it has high potential for manufacturing industry, Madhya Pradesh has established itself as a favourable destination for high tech industries like heavy engineering, IT, telecommunication, textile, ESDM, automobile, pharmaceuticals, cement, agro & food processing etc.
The state has set up VC funds to ensure easy access to capital for these start-ups.
The state has prominent technical, management and other professional institutes such as IIT Gwalior, IIM Indore etc. which provide excellent human Resource.
There for the state has come up with Madhya Pradesh Incubation and Start-up policy 2016. The policy will be active for 5 years till 31st march 2021.
Mission of Madhya Pradesh Incubation and Start-up policy 2016
To align Madhya Pradesh with the ‘start-up India’ initiative of government of India and build a sustainable ecosystem of innovation, Research & Development and manufacturing in Madhya Pradesh.
Incubation and Start-up Policy Core Focus Areas
1) Availability of ‘Plug N Play’ incubation facility.
2) Funding incentives & support.
3) Start-up handholding.
Incubation and Start-up Policy Incentives
Capital Assistance:
Host institution will be provided capital grant of max 50% for fixed cost investment for setting up incubator, subject to max of Rs.50 lakhs. Operational Assistance:
Recurring expenses as operational assistance up to 50% of actual expenses to the limit od Rs.5 lakhs. Stamp Duty & Registration:
100% of stamp duty and registration fees will be reimbursed. Mentoring Assistance:
Incubators will be reimbursed mentoring assistance up to Rs.2 lakhs per year for a period of 3 years.
Other incentives include Start-up competition assistance, Interest subsidy, lease rental subsidy, patent promotion, start-up marketing assistance, credential development assistance.
