This State Will Give Rs 17,500/Month To All Young Entrepreneurs As ‘Encouragement Allowance’

The Yogi government in Uttar Pradesh has been working relentlessly to promote and advance start-up culture in the state, along with adding more options for women in tech.

Ahead of the Global Investor Summit (GIS), a biennial business summit organized by Government of Madhya Pradesh in Indore, scheduled in February 2023, the UP government has drafted various new policies to expand start-ups in the state.

For starters, the state government is willing to provide a pay of Rs 17,500 every month to young entrepreneurs for starting and setting up business in the state. This is just one of the policy currently tabled by the UP government.

Here’s everything you need to know about different policies of such nature.

UP Govt Ready to Provide Financial Assistance to Promote Start-Up

Ahead of the GIS next year, the government of Uttar Pradesh has drafted various policies to boost the growth of startups in the state. 

For this it is willing to provide financial assistance, which will include a series of concessions and rebates. 

• The state government would provide Rs 5 lakh to start-ups for making a new product.
• A separate grant of Rs 7.5 lakh would be provided to those start-ups that will launch their new product(s) in the market.
• Additionally, an overall financial assistance of Rs 14.6 lakh will be given to the start-ups ticking off all the aforementioned criteria, including the monthly stipend.
• As per the policy put forward, the count of centre of excellence (COEs) have been increased to 10 from the existing 3.
• At present, one COE is working at the Sanjay Gandhi Post Graduate Institute of Medical Sciences in the state capital under the name of ‘Meditech’.
• Two more COEs are under construction at the IIT campuses in Kanpur and Noida.

For the women in tech in the state, the Yogi government has added over 6 new areas in the Information Technology & Science department.

They include startups in the fields of women’s leadership, solar energy, circular economy, climate change and areas that influence the rural sector, stated a FPJ report.