PM Modi Launches new Startup Policy in Madhya Pradesh

NATIONAL

The Madhya Pradesh start-up Conclave was held in Indore, the largest city in Madhya Pradesh. In the conclave, the state’s new ‘Madhya Pradesh start-up Policy’ was launched virtually by the Indian Prime Minister Narendra Modi. He also launched the Madhya Pradesh start-up portal.

During his address through video conference, he addressed that the country has a pro-active start-up policy and adequate start-up leadership.

The new policy will provide additional 20% support to women-led start-ups and create enthusiasm for innovation and start-ups among school and college-level students via special programs. Under the new policy, special incentive assistance of Rs 1 crore will also be given to selected start-ups and innovators.

To give a boost to the policy, exclusive venture capital was formed by merging Madhya Pradesh Venture Finance Limited and Madhya Pradesh Venture Finance Trustee Limited with Madhya Pradesh Laghu Udyog Nigam with an objective to provide funding support to start-ups in the future. 

India has the third-largest start-up ecosystem in the world. In the year 2014, there were only 300 to 400 start-ups in India, whereas today this number has reached to 70 thousand.

The secret behind the success of the start-up ecosystem is by creating infrastructure, simplification of government processes, and changing the mindset of the people.

The young entrepreneurs have a strong foundation for start-ups through Hackathons and they are nurtured with the business knowledge from the schools. Atal tinkering labs in schools and more than 700 incubation centers have also played vital roles to set up start-ups in the country.

 

   Important points for the exam:

  • In the recently held Madhya Pradesh start-up Conclave, the state’s ‘Madhya Pradesh start-up Policy’ was launched virtually by the Indian Prime Minister Narendra Modi. He also launched the Madhya Pradesh start-up portal.
  • The new policy will provide additional 20% support to women-led start-ups and to create enthusiasm for innovation and start-ups among school and college-level students via special programs. 
  • Under the new policy, special incentive assistance of Rs 1 crore will also be given to selected start-ups and innovators.
  • To give a boost to the policy, exclusive venture capital was formed by merging Madhya Pradesh Venture Finance Limited and Madhya Pradesh Venture Finance Trustee Limited with Madhya Pradesh Laghu Udyog Nigam with an objective to provide funding support to start-ups in the future. 
  • India has the third-largest start-up ecosystem in the world. In the year 2014, there were only 300 to 400 start-ups in India, whereas today this number has reached 70 thousand. 

   Facts to know:

  • Chief Minister of Madhya Pradesh: Mr.Shivraj Singh Chouhan.
  • Governor of Madhya Pradesh: Mr.Mangubhai C. Patel.
  • UNESCO Heritage sites in Madhya Pradesh: The Khajuraho Group of Monuments (1986), Buddhist Monuments at Sanchi (1989), The Rock Shelters of Bhimbetka (2003).
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