Patna, June 18 (KNN) The new Bihar startup policy which has been approved by the state cabinet aims to provide an institutional framework for strengthening and promoting the startup activities in the state.

It will be in operation for five years and the startup activities already going on under the 2017 policy will also be covered in the new one.

Cabinet secretariat department principal secretary S Siddharth said “the old startup policy had a provision for the screening committee comprising experts and consultants from outside the state, as a result of which holding its meetings got delayed. Under the new policy, the screening committee will be headed by the industries department director.”

The new policy has provision for the state startup fund trust to be chaired by the development commissioner, while the monitoring and implementation committee will be headed by the industries department principal secretary.

The screening committee will do the initial scrutiny of the proposals while the implementation will be done by the directorate, to be assisted by the startup support unit. 

The filing of the applications and their processing will be done online. At the same time, the third party will rate the startups for their certification and payment of the seed fund/matching grant to them.

Startups set up by scheduled caste and scheduled tribe persons, as well as women and divyangs will get additional grants/exemptions/subsidies.  (KNN Bureau)