Hyderabad, Sept 9 (KNN) The UK Sinha Expert Committee on Micro, Small and Medium Enterprises, constituted by the Reserve Bank of India (RBI) has hailed Telangana for the innovative model it has adopted for the start-ups and said the same can be replicated in other states as well.

The MSME Minister Nitin Gadkari reportedly said recently that the recommendations of the panel will be implemented in the next 15 days.

The expert committee headed by UK Sinha, the former chairman of SEBI, submitted its report in June this year.

In its recommendations, the committee said, “The major reason for the migration of startups to other countries is because of the better enabling environment such as tax concessions, well-developed infrastructure, ease of doing business, exit policy, etc.”

The committee further recommended providing financial incentives and excellent infrastructure facilities to retain successful Indian startups and to lure the best talent from across the world to start businesses in India.

“Telangana has adopted an innovative model for a startup which may be assessed for possible replication in other States,” said the Committee.

In its report, the committee said state’s innovation policy is based around five broad pillars namely - develop physical infrastructure and programme management capabilities; focus on creating sustainable funding models; develop human capital by creating the right environment and support systems; proactive engagement with industry to continuously promote and identify innovation; and encourage startups in the rural and social enterprise space by providing additional incentives.