BHUBANESWAR: Women, transgender or people from scheduled caste, schedule tribe and differently-abled would get monthly allowance of Rs 22,000 for creating startup as the state cabinet on Wednesday cleared amendments to Odisha
Startup Policy, 2016.
The cabinet led by chief minister
Naveen Patnaik approved a series of incentives to ensure that at least 33 per cent of the startups with founder and co-founder as women. At present, Odisha aims to emerge amongst top three startup hubs in India by 2020.
Among others, product development and publicity assistance has also been increased to Rs 16 lakhs, if the startup founder or co-founder is a woman or transgender or from social categories such as SC/ST/SEBC/ differently-abled, said an official statement.
“The cabinet also approved the reduction in revenue run rate from 10 lakhs per month to Rs 2.5 lakhs per month during the preceding six months as one of the eligibility criteria for availing product development and marketing assistance,” said state micro, small and medium enterprises secretary LN Gupta.
It further approved adoption of relaxed criteria for startups on the lines notified by department of industrial policy and promotion under the Union ministry of commerce. Earlier an entity to be declared as ‘startup’ was required to have incorporation/registration not prior to 5 years, has now been relaxed to 7 years in general and 10 years in case of biotechnology startups.
Also, a provision for recognised startups to avail subsidy benefit to the extent of 50 per cent on monthly rental of the incubation space (subject to a maximum of Rs 5000) for a period of maximum one year has been approved.
It also approved a provision for extending travel / space support to the recognised startups for participation in national and international events of repute.
