New Delhi, 15 June (KNN) Earlier this week the Meghalaya Cabinet approved 25 policies including ‘with an aim to grow the entrepreneurs.

The long term aim of this policy is to emerge as one of the leading startup hubs in India by 2023 and to meet this goal, the government has planned strategic partnerships, facilitative ecosystem, investments and policy interventions.

Under the policy, the government will develop an application and a startup portal which will have all the information about the policy, their benefits and procedure to employ them.

The state government will develop the quality infrastructure in the state keeping an eye on the facilities to be given for the entrepreneurs.

Approved institutions will be eligible for a one-time grant of 75 per cent of capital cost (cost of building, equipment, connectivity) up to a maximum of Rs. 5 crore to set up an incubator.

Such approved institutions shall be eligible for a performance capital grant of Rs 5 lakh for every successful startup that they produce for a minimum period of three months.

For a one-stop destination for startups either the government will tie up with private sector or will establish on its own one or more than one innovation park in the state.

Startups shall be eligible for reimbursement of lease rental at 50 per cent for a period of 3 years subject to a ceiling of Rs 2 lakh per year per startup.

Apart from Meghalaya, states such as Tamil Nadu, Karnataka, among others, have introduced a startup policy. A recent report from Startup India shows, many other states are also strengthening their startup ecosystem through incubators to boost their positions in the startup ranking for the states. (KNN/VS)