The state government’s “Meghalaya Startup Policy” is one of the country’s most progressive state economic policies. The state of Meghalaya aims to become one of India’s most crucial start-up and business hubs by 2023 through strategic partnerships, a beneficial ecosystem, investments and positive political intervention.
The joint efforts of the start-up policy and the development strategy will ensure that new businesses and start-ups receive broad support from the government to start and grow their businesses. The government’s start-up policy aims to help entrepreneurs create jobs. Meghalaya’s start-up policy began in August 2018, and the state wants to support at least 500 start-ups by 2023.
Highlights of Meghalaya Startup Policy
Meghalaya cabinet approved two policies in 2018, one of which was the state start-up policy. Meghalaya’s start-up policy aims to support young entrepreneurs and create massive employment opportunities.
Some of the critical points of Meghalaya’s Startup Policy are:
The state government will develop a start-up development portal and an app that will bring together all the information about this guideline, its benefits and the procedure for using it.
Approved establishments can apply for an investment grant (construction, equipment, connectivity, etc.) of up to Rs. 5 crore for setting up an incubator.
Accredited organizations are entitled to a performance grant of Rs. 1 lakh for every successful start-up supported by them for at least three months.
Every successful start-up recognized under industrial groups/houses shall receive a grant of Rs. 5 lakh.
Either individually or in cooperation with the private sector, the government will set up one or more start-up innovation centres in the state as the sole destination for new businesses.
The state government has proposed an innovation fund to promote research in information and communication technologies, energy, tourism, etc., in public companies.
Start-ups shall be eligible for reimbursement of lease rental @50% for three years subject to a ceiling of Rs. 2 lakh per year start-up.
Government agencies and public bodies have to buy at least 20% from start-ups.
A viable start-up ecosystem for at least the next five years to boost businesses will be created.
The government's start-up policy aims to help entrepreneurs create jobs. Meghalaya's start-up policy began in August 2018, and the state wants to support at least 500 start-ups by 2023.
A Catalyst for Meghalaya’s Economic Growth- Boosting Start-ups
The Meghalaya Start-up Policy is expected to serve as catalysts for the state’s economic development by creating escalation, repeatability throughout the state and leading to large-scale employment opportunities.
According to the Startup India portal’s newest statistics, 24 Indian states, including Tamil Nadu and Karnataka, have adopted similar start-up policies. Individual states have bolstered their incubator start-up ecosystems to strengthen their position in the Department for Promotion of Industry and Internal Trade (DPIIT) Start-Up Rankings, which investors closely watch as they find start-ups to invest in.
Long term aim of Meghalaya Startup Policy
The long-term goal of this strategy is to make Meghalaya a major start-up centre in India by 2023. The government has planned strategic partnerships, innovative green models, large investments and strategy to achieve this.
The government will develop the state’s quality infrastructure by monitoring the facilities that accommodate a wide array of businesses. Recognized institutes are entitled to a one-off grant of 75% of the capital up to a maximum of Rs. 5 crore for instituting an incubator. This will help a single entity grow and all the new and unique deals that come to the incubator to get firm support.
Start-ups are getting much-needed incentives
In granting the eligibility for a performance capital grant of Rs. 5 lakh for every successful start-up, the government’s incentive will drive more and more budding entrepreneurs to produce successful results. As the government will tie-up with the private sector or establish a sort of innovation park in the state, numerous job opportunities will open up for the incoming youth workforce.
In a nutshell, it is the right time to ‘start up’ a business and seek the support from proper viable channels. You never when you might knock on success’ door and live there happily ever after!