Uttar Pradesh emerging as a Start-up Hub

On 8th July 2020 CM Yogi approved the new policies for start-ups by the state cabinet.

Shefali Kochhar24/07/2021

366 4 minutes read

Chief Minister of Uttar Pradesh Yogi Adityanath announced that Uttar Pradesh contributes 8% to the GDP of India and Uttar Pradesh is the largest market with a population of around 24 crore, taking a giant leap to introduce Noida as the biggest hub of start-ups, calling upon industrialists, investors and entrepreneurs to visit Uttar Pradesh for investments. Uttar Pradesh holds second position in the country making it easier and convenient for entrepreneurs to launch/setup their business. Great efforts invested by Yogi Ji has now transformed Uttar Pradesh. Uttar Pradesh’s focus is to develop infrastructure which will lead to massive growth, saving time in trading material from one place to another-where it took 2 days for something to be transported it will now be done in one day, increasing economic infrastructure. Infrastructure being the key aspect will give a huge boost to the state partaking in the development.

Yogi Adityanath held a high level virtual meeting calling upon the investors where representatives for industries were all present. MSME state minister Siddharth Nath, Alon Tandon infrastructural and industrial development commissioner, additional Chief Secretary MSME Navneet Sehgal, among others, were also in the meeting. The state also announced an emergence of the biggest Film City in Noida, UP following the tussle going on in Mumbai’s film city, Bollywood. Noida film city will bring upon a great change welcoming new people to showcase their talent as currently Bollywood has no talent but only nepotism that goes on there just like the Congress party. The UP Government has already rolled out MoUs worth Rs 2 Lakh crore out of Rs4.28 lakh crore MoU. The UP Government received over 50,000 investment business proposals from 10 countries like Japan, US, UK, Canada, Germany and South Korea worth Rs 7,000 crore. Uttar Pradesh has a land bank of 20,000 crore where the setup of the emerging industries will be built

– Defence and aerospace, warehousing, data centres, electric vehicles and pharma are some of the emerging sectors in Uttar Pradesh in terms of investment- Defence corridor would be investing Rs 50,000 crore within the next 2 years.

– Electronics, IT, food processing, dairy, textiles, tourism & movies would be joined by investment industries such as solar power, bio fuel and civil aviation.

Infrastructure

Uttar Pradesh will have a massive network of expressways intersecting the entire country.

– Purvanchal expressway from Lucknow-Ghazipur 340km

– Bundelkhand expressway connecting Chitrakoot and Lucknow-Agra expressway-290km

– Gorakhpur link expressway 90km and 170km Prayagraj link expressway are major e-way projects under the UP Govt.

– A 600km Ganga expressway from Prayagraj to NCR through Hardoi Shahjahanpur.

– Jewar International Airport Noida- North India

– Kushinagar Airport

Uttar Pradesh Startup Policy 2020, Vision & Mission of UP Government:

U.P. Government aims to establish a world class start-up ecosystem by developing a strong infrastructure and by providing a sustainable policy for the environment.
Emphasising on promoting innovation and entrepreneurship which leads to employment generation
UP Govt. aims to achieve the position of top 3 states among the ‘startups states
Each district to establish 100 incubators in each state
Development of incubators/acceleration for start-ups
Creation of an ecosystem of at least 10,000 start-ups in Uttar Pradesh
COE ( centre of excellence) to be established in 3 states
Largest incubator in Lucknow to be established

Lucknow will be the largest incubation hub in Uttar Pradesh, Yogi Government has finalized 40 acres of land and a new the airport where an ecosystem for start-up incubation will be established involving

Data centres
Business process outsourcing (BPO)
Development centre
Training centres.

List of recognized incubators by UP Government: https://startinup.up.gov.in/welcome/goup_approved_incubators

While launching the ‘Uttar Pradesh start-up fund’ CM Yogi mentioned about the importance of being Atmanirbhar Bharat and to give chance to more skilled people to showcase their talent and bring forward reforms in all sectors simultaneously introducing new policies in the agriculture sector, health, education and more sectors connecting the youth to it. More start-ups will create more jobs. Further revealing that a large number of people had migrated to Uttar Pradesh and the Yogi Govt will be handing them jobs according to the skills they possess. CM Yogi emphasised on having noble intentions towards emerging start-ups and along with that they will ensure that the decision making will be faster in future.

The Government of India announced a package for MSME’s, a huge online loan fair was launched and the process for loaning money was already completed. UP Govt had secured Rs 4.68 trillion from both public and private sectors in the UP investment Summit 2018. The government has also planned to collaborate with institutions like IIM Lucknow, IIT Kanpur to boost the UP start-up initiative.

Advantage for start-ups

Government released Rs41 Lakh to the NODAL agency of start-up and the money was shelled out to incubators along with start-ups whose proposal had already been approved by PIU-policy implementation committee. The money will be disbursed in stages, -idea stage, seed capital and to the incubators
UP Government has set aside Rs150 crore availing assistance of Abdul Kalam Technical University (AKTU) in order to fund start-ups at the ideation stage, patent registration along with their participation during the domestic and international events.
UP Government promising entrepreneurs to set up 100 incubators in each district of the state to boost the start-ups
Several institutes including Banaras Hindu University, High Tech Institute, ABES engineering college, Krishna engineering college and Jaipuria institute of management
Policy also focuses on giving well deserved unbiased opportunities to women, transgender communities offering incentives and also creating jobs.

Incentive for Startups

Sustenance allowance