With the approval of new start-up policy, Odisha set to home thousands of start-ups in the next 5 yrs

Bhubaneswar, Aug 24 (KNN) Odisha is set to become a home of at least 1,000 start-ups in next five years with the approval of a new Startup Policy (OSP)  for the state by Odisha Cabinet.

OSP 2016 will be unveiled by state chief minister Naveen Patnaik at an investors’ meet scheduled to be held in Bengaluru next month.

Chief Secretary, A P Padhi told reporters that the policy will be implemented within five years and comprises of three I’s - Institutions, Industry and Incubation.

He further said that implementation of the policy would be monitored by a Startup Council headed by the Chief Secretary and a Review Committee headed by Principal Secretary, MSME.

OSP envisages Odisha being among the top three start-up hubs in the country by 2020 through strategic partnerships, conducive ecosystem, investments and policy intervention.

The policy envisages usher in an innovative start-up ecosystem through creation of world class incubation centres, funding and supporting incentives structure at par with other states.

He said that the government will provide a Start-up Capital Infrastructure Fund (up to Rs 25 crore)  to the Department of MSME through budgetary provision. (KNN Bureau)