Chandigarh, June 28 (KNN) The Haryana cabinet chaired by CM Manohar Lal approved the state’s new startup policy on Monday.

The policy has been formulated by the Department of Information Technology, Electronics and Communication with an aims to foster the vibrant startup ecosystem in the state and help entrepreneurs at different stages.

It is expected that at least 5,000 new startups would be established in Haryana over the next five years providing direct and indirect employment to 75,000 persons.

As per reports, the cabinet has also approved the new data centre policy with the vision to make Haryana the preferred stop for setting up such facilities and help the state emerge as a global data centre hub.

“Any startup entity recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, up to a period of 10 years from the date of its incorporation / registration and with an annual turnover not exceeding Rs 100 crore and being based out in Haryana will make it eligible for availing major fiscal and non-fiscal benefits under the new policy, “said CM Manohar Lal Khattar.

In addition, other startups recognised by the DPIIT having their registered office anywhere in the country/even outside Haryana and till the time they are working through government-owned/supported incubators operational in Haryana will be eligible to avail non-fiscal benefits under the new policy.

The assistance include subsidised incubation space, liberalised criteria for participation in Haryana government tenders, participation in mentorship events and other startup specific programmes.

A startup Haryana cell is being setup in the Department of Information Technology, Electronics and Communication to oversee the implementation and other institutional activities of this revised policy.

The fiscal incentives to startups under the policy include 50 per cent net SGST reimbursement for 7 years, reimbursement of lease rental subsidy for up to Rs 5 Lakh, seed grant up to Rs 10 lakh per startup for 100 startups in 'A' category blocks, 250 startups in 'B' category blocks, 750 startups in ategory blocks, and 1,000 startups in 'D' category blocks.

The fiscal incentives to incubators include capital grant of up to Rs 2 crore to government host institutes and up to Rs 1 crore to private host institutes for setting up of incubators.

A financial assistance of up to Rs 10 Lakh per incubator for existing incubators in universities and other government institutions for upgrading their facilities.

The data centre that will come up in the state are eligible for an employment generation subsidy of Rs 48,000 per year for a period of 10 years. Property tax levy on data centres operational in the state shall be on par with the industrial rates.  (KNN Bureau)