Benefits to Startups Substantially Enhanced in Odisha

Odisha startup policy 2016

Odisha Government has approved certain amendments in the Odisha Startup Policy-2016, which will help in suitably incentivising startups, incubators, and the entire startup ecosystem. Whereas, some of the amendments include elaboration/clarification of some of the existing definitions, the addition of new definitions where required and amendments in the eligibility criteria of startups for various benefits, the other ones relate to certain benefits to the startups being enhanced.

For example, monthly assistance at idea/prototype stage has been increased from Rs. 10,000/- to Rs.20,000/- to a recognized startup for a period of one year on the fulfillment of certain conditions. Similarly, the marketing/publicity assistance has been enhanced from Rs.5 lakh to a maximum of Rs.15 lakh to a startup for
the introduction of innovated product in the market.

The one time grant of 50% of a capital cost up to a maximum of Rs.1 crore to set up an existing incubator facility will also cover scaling up of an incubator facility. Further, in case a university recognized under the central/State Act is able to raise funding for development of its incubation infrastructure, the Startup Council may consider providing a matching grant up to an upper limit of Rs.5 crore on the case to case basis. Such grant shall only be used for development of incubation infrastructure including the purchase of equipment for the incubation facility.

The amendments approved by the Cabinet in the Odisha Startup Policy-2016 will go a long way in encouraging the startups and incubators thereby strengthening the entire innovation and startup ecosystem in Odisha.

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About Neel Achary 9822 Articles
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.

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