New’Start Up Policy 2020: UP Govt is Giving Rs. 5 Lakh to Start Business

Central Government has been running various schemes for the growth and development of the country. In addition, government has initiated several schemes to promote entrepreneurship in India. However, capital is a major factor for promoting entrepreneurship. For this, the central government provides special loan facility to entrepreneurs through various schemes at affordable rates.

Yogi Govt to Provide Financial Assistance

The Yogi government will provide financial help to small traders of Uttar Pradesh in the midst of Corona crisis. The Yogi government will help businessmen with Rs 5 lakh for marketing their product to increase business. It has been named the ‘Start Up Policy 2020’, under which the government will provide financial assistance for marketing assistance. The government has notified the new Start Up Policy 2020.

The central government is taking many steps to strengthen the MSME sector. Many types of help have been announced for this. These include incentives to increase business as well as subsidy on loan interest. Registered MSMEs get the benefit of subsidy and tax exemption. Apart from this, there is also the benefit of Capital Subsidy. They can easily get a loan at low interest rate by registration.

Start up plan will be applicable in the state

The government of Uttar Pradesh will soon implement this policy in the state. Startup and incubation centers will be promoted throughout the state. According to Additional Chief Secretary (Electronics and Information Technology) Alok Kumar, under the new policy, marketing assistance of up to Rs 5 lakh will be provided for MSME.

Moreover, he informed that the Department of IT and Electronics is working closely with Sidbi (Small Industries Development Bank of India) to help with new start ups and venture capital funding of MSMEs. As per reports, the number of members of PHDCCI Chamber is more than one and a half lakh and 70% of them are MSME.

According to the statement, the startup policy is expected to create direct employment opportunities for 50,000 people and indirect employment for one lakh people in the state.

The startup policy would be valid for five years from the date of notification, the statement said.

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