New Delhi, Mar 21 (KNN) Eyeing at encouraging startups in the state, a new policy for Startups in Goa is under process and on its way to get cabinet approval.

Minister for information and technology Rohan Khaunte on March 16 informed the general public that Incentives under startup policy had been finalized and sent for cabinet approval while meetings with regard to revamped IT policy are being held on daily basis so as to finalize it and sent it for cabinet approval before March 31.

He further added that department is hoping to finalize IT policy by the end of coming week so that both the policy and schemes under the IT policy can be notified.

With a focus to create employment opportunities and incentives for Goan entrepreneurs or startups, government is expecting to roll out Goa IT startup scheme within 20 days.

Massive subsidies and incentives will be provided to startups under this policy and the lime light of the policy is a one-time grant of Rs 10 lakh to a startup with a promising viable product.

Further special incentives have been announced for Goan startups and 50% of the salary for any startup hiring youth will be reimbursed.

However, six months after the policy was notified, these schemes have yet to be given formal approval thus denying startups of these benefits.

The proposed Goa IT policy for Goan startups and entrepreneurs is under the process of completion and is a revamped version of the one that was notified in 2015.

Basically this policy is expected to support and encourage the IT anywhere concept through clusters and co-working spaces across the state.

Further it has been clearly specified by the government source that those companies that fall under the IT startup policy will not be allowed to seek approval for the benefits under the Goa IT investment policy.

Simultaneously state department is working hard with global consultant EY in order to get approval for the IT policy and schemes under it. (KNN/YV)