Uttar pradesh Budget for 2023–24: A brilliant Move For startups!
What plans does the UP budget for 2023–2024 have for the startups? Know how the government of Uttar Pradesh is concentrating on fostering the local startup industry? I've outlined key elements of the budget for this year here that will support the growth of startups in Uttar Pradesh.
- INR 100 Cr will be used as seed money.
- The upcoming Agriculture Accelerator Fund will be launched with 20 Cr.
- For information technology, INR 60 Cr.
- Has up to 50 incubators and 7,200 startups already.
In its efforts to strengthen the startup ecosystem in the state, the Uttar Pradesh government is not skimping on any efforts. The Yogi-led administration has made a significant announcement with the release of a slew of perks in its Budget 2023–24 designed to give startups and business owners the necessary boost.
What Can Startups Expect from the UP Budget?
In the UP Budget 2023–24, the Uttar Pradesh government has made some special provisions for startups!
- Using seed funding to strengthen the startup ecosystem
For seed funding for selected startups offered through incubators, the budget has set aside INR 100 Cr. This action aims to inspire aspiring entrepreneurs and startups to take risks and launch their own businesses.
- Agritech Is Encouraged In UP
In order to support and encourage agritech startups in the state's rural areas, the budget has also made a provision of INR 20 crore for the creation of the upcoming Agriculture Accelerator Fund.
- UP Budget Includes Provisions for the IT Sector
The government has also allocated INR 60 Cr to create the proposed Uttar Pradesh Information Technology and Startups Policy, which will further strengthen the startup ecosystem.
Under the 2020 Startup Policy, the Yogi government seeks to encourage entrepreneurship in a variety of industries, including agriculture, healthcare, energy, transportation, and others. An indication of the government's dedication to encouraging entrepreneurship and creating job opportunities in the state is the allocation of funds for seed funding and the creation of the Agriculture Accelerator Fund. With the necessary resources and infrastructure in place, Uttar Pradesh is ready to become one of the nation's top locations for startups.
Uttar Pradesh has a record number of incubators and startups.
Up to 50 incubators and 7,200 startups are currently operating in the state of Uttar Pradesh, which has emerged as a startup hotspot. The recently allocated Rs 100 crore for seed funds will further promote these incubators. This action aims to give startups and aspiring entrepreneurs the necessary financial support so they can make their ideas a reality.
Uttar Pradesh has enormous potential for startups to develop and flourish thanks to its diverse range of industries, which include agriculture, technology, healthcare, and education. The government's emphasis on supporting incubators and startups will foster innovation, create job opportunities, and support the state's economic growth.
A Program To Strengthen the Local Startup Ecosystem
Nearly three months after overhauling its entire startup policy to support and scale the state's burgeoning startup ecosystem, the Uttar Pradesh government announced its most recent incentives. The revised policy includes incentives and financial aid, such as raising the monthly sustenance allowance for startups from INR 15,000 to INR 17,500 and nearly tripling the amount of seed funding for startups to INR 7 Lakhs.
The state government intends to establish five more centres of excellence (CoE) dedicated to startups in order to support the ecosystem further. It will also use the recently announced INR 4,000 Cr "UP Innovation Fund" to invest in early-stage startups. These programs demonstrate that the UP government is not only utilizing the local startup ecosystem but also giving it the assistance it needs to develop and flourish.
Angel Fund INR 1000 Cr To Support Startups
In its efforts to create a supportive environment for startups, Uttar Pradesh is not far behind. According to reports, the government has also been looking to establish an INR 1,000 Cr angel fund to support roughly 10,000 startups in the state, which would be a significant boost to the state's entrepreneurial ecosystem.
According to reports, this fund will be used to give startups in a variety of industries the early funding they need to expand and grow their companies. The action is anticipated to bring more startups to the state and generate new employment opportunities.
With this declaration, Uttar Pradesh has now joined the growing group of states that have made a number of budgetary offerings to startups this year. The Karnataka government announced plans to establish nine new industrial clusters throughout the state as well as a 30 Cr INR park in Bengaluru earlier this week. The already thriving startup ecosystem in India is anticipated to receive a further boost as more states step forward to support it.