Madhya Pradesh’s new startup policy to aid ecosystem: Secretary

NEW DELHI:  The new startup policy will support in creating a vibrant ecosystem in Madhya Pradesh and help in mobilising the external funding support to state-based startups, said P Narahari, secretary-MSMEs and commissioner, Industries, Government of Madhya Pradesh. 

In an interaction with TNIE, he said MP startup portal and MP startup centre will play a key role in establishing and harnessing the entire entrepreneurial culture in the state.

“The key factors for creating an attractive hub for startup is the proactive policy measures and immensely proactive ecosystem that supports startups. Startups interacts with various organisations of scale in their growth lifecycle,” Narahari stated.  

With the help of elements such as innovation challenge and procurement-easing support in the policy, now state-based startups can easily engage with the government and can try to get early traction, which will help them in establishing credibility in the market. This will eventually support in fundraising activity of the state, the secretary added. 

Highlighting the key features of the policy, Narahari said independent agency establishment – MP Startup Centre, funding/matching grant to early-stage startup i.e,  15% max - Rs 15 lakhs -will help in enabling growth lifecycle of startups. All government tenders of up to Rs 1 crore will get exemption in prior experience, turnover and earnest money deposit (EMD).

“Additional incentive to women entrepreneurs being provided and more than 40% of the existing startups have at least one-woman director. The startup portal will act as a one-stop platform for startups and enablers of the ecosystem,” he said. All the stakeholders related to start-ups are being onboarded on the portal (startup.mp.gov.in).