By Bizodisha Bureau, Bhubaneswar, August 25, 2016 : Odisha chief minister Naveen Patnaik on Friday unveiled the Odisha Startup Policy, 2016 at the investors meet in Bengaluru. The policy aims to create around 1000 startups in next five years.

“The policy lays down the initiatives and activities that we plan to undertake to develop a world class startup hub in Odisha and an ecosystem to facilitate at least 1000 startups in five years,” Naveen told industry leaders and policy makers at the meet.

The chief minister also unveiled the master plan for the Invovalley-II, the upcoming IT hub in the city. With an annual average growth of 10 per cent, the state government aims to enhance its export potential of IT products to Rs 38714 crore by 2022-23.

The chief minister wants the state to emerge as one of the top three startup hubs of the country by 2020. Naveen claimed that the state is emerging as a manufacturing hub on the east coast of India and his government’s focus has been promoting employment intensive sectors.

“We are developing large investment regions in the form of National Investment and Manufacturing Zone at Kalinganagar in Jajpur and a petroleum chemicals and petrochemicals investment region (PCPIR) at Paradip”, the chief minister said briefing about the industrial-infrastructure in Odisha.

In the new startup policy, the state government proposes to come up with a capital infrastructure fund up to Rs 25 crore to support the startup units and young entrepreneurs. Universities and colleges are eligible for one-time capital grant up to Rs 1 crore to set up incubation facilities in their campuses to help students to learn about startups.

The policy also has reimbursement provision up to Rs 1 lakh per year for three years to institutions, incubators and industry for proving internet, electricity and mentoring services to startups.

The state government also will provide Rs 10,000 per month for a period of one year to registered startups, official sources said.
For innovative ideas, the state government would reimburse the marketing or publicity assistance up to Rs 5 lakh. The policy has also provision for need-based assistance for successful startups.

Telangana, Karnataka, Uttar Pradesh, Gujarat and Rajasthan have already announced their state specific startup policies.