Mumbai: The State Cabinet, in a move to set up 10,000 start-ups, thus giving employment to five lakh youngsters in the next five years, cleared a policy on Wednesday.
As per the start-up policy, a new company will be considered as a start-up for seven years, while in the social and biotechnology sector, the period will go up to 10 years. The annual turnover of these companies has been fixed at ₹ 25 crore. The State expects to attract an investment of ₹ 5,000 crore through angel and seed funding.
This will promote entrepreneurs in biotechnology, artificial intelligence, information and technology, and clean energy production. The policy has been prepared by the Maharashtra Innovative Society headed by Skill Development Minister Sambhaji Patil-Nilangekar, Minister of State Ranjit Patil, and scientist Raghunath Mashelkar.
Under the policy, innovative clusters will be developed. To ensure services and facilities for these industries, virtual incubators will be developed with help from higher education institutions and research and development institutes. Three world-class accelerators, scalerators and start-up parks will be developed. Tinkering labs will also be set up in schools, according to the guidelines of the Central government.
Among the benefits extended to start-ups include no inspection for seven years. “Rules seeking past experience or turnover can be relaxed in certain tender processes,” an official said.
Government-aided industries must purchase at least 10% of their requirements from start-ups. Besides, 100% reimbursement of stamp and registration duty in the first phase and 50% in the second, concession of up to ₹2 lakh for an Indian patent and ₹10 lakh for an international patent, government reimbursement of up to 80% of the amount spent on quality testing, and payment of SGST from the State government, are other features.
A ₹500-crore fund will be set up and a grant of up to ₹5 lakh will be extended in the social sector through crowdfunding. Programmes such as grand challenge and start-up week will be organised to invite individuals to find out solutions to social and financial problems.
