IT and Electronics Start-up Policy 2016 unveiled by Gujarat Government

Gujarat Chief Minister Anandiben Patel on 5 June 2016 unveiled the Information Technology and Electronics Start-up Policy 2016.

This is the first-ever policy of the State government in this field with special focus on encouraging new ventures by providing them various incentives and subsidies.

Features of IT and Electronics Start-up Policy 2016
• The State government will develop 50 incubators to mentor and guide 2000 start-ups by 2020.
• The government will allot around 10 lakh sq feet of land for development of these incubators.
• These incubators will provide guidance to aspiring innovators in setting up their start-up units.
• The incubators will be entitled to get 5 lakh rupees per annum as mentoring assistance. Besides, the state government will provide 1 crore rupees as assistance for the procurement of software to these incubators. The incubators and new start-ups will get 100 per cent reimbursement of stamp duty and registration fees.
• Other incentives for start-ups include interest subsidy of 9 per cent per annum not exceeding 2 lakh rupees per year, marketing assistance of 1 lakh rupees per start-up, product development assistance of 1 lakh rupees and lease rental subsidy of 15 rupees per square feet per month.
• In order to encourage intellectual property, the government will provide 2 lakh rupees and 5 lakh rupees as assistance to start-ups for domestic and international patent registration respectively.
• Industries and higher educational education institutes will be involved in the implantation of the policy.
• By 2020, the Start-up segment in the IT and electronic field is expected to will attract an investment to the tune of 7000 crore rupees.