Andhra Pradesh Unveils Ambitious Innovation And Start-Up Policy For 2024-2029

ENA State 2025-03-25 14:48:28 Amaravati, Mar 25 (KNN) The Andhra Pradesh State government has announced a comprehensive Innovation & Start-up Policy (4.0) for 2024-2029, setting ambitious targets to bolster the state's entrepreneurial landscape. The policy aims to create 20,000 new start-ups and generate at least 100,000 jobs within the next five years, marking a significant strategic initiative for economic development. The policy's expansive scope includes supporting the formation of 20 potential unicorns and 10 established unicorns. It also plans to establish or expand 10 Centres of Excellence across critical technological domains, including deep tech, block chain, extended reality, Internet of Things, quantum computing, climate technology, health tech, biotechnology, advanced manufacturing, automotive technologies, and cybersecurity. Building on its innovative heritage, Andhra Pradesh introduced India's first Start-up and Innovation Policy in 2014, positioning itself as a pioneer in fostering entrepreneurial ecosystems. The new policy succeeds the A.P. Information Technology Policy 2021-24, which expired on September 30, 2024, and is designed to address emerging technological challenges and market dynamics. The national start-up landscape provides context for the state's ambitious vision. As of December 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) recognised 150,000 start-ups in India, representing a remarkable 120% compound annual growth rate since 2015. Notably, nearly half of these start-ups are located in Tier-2 and Tier-3 cities, reflecting a broader geographical entrepreneurial spread. Andhra Pradesh itself has cultivated a robust start-up environment, with 6,600 start-ups in the last five years, of which 2,400 are officially registered with DPIIT. The state's commitment to innovation was further validated in the 2022 State Start-up Ranking, where it was categorised as a 'leader', underscoring its strategic approach to building a dynamic start-up ecosystem. The policy, formalised through a government order issued by Secretary (IT, Electronics, and Communications) Katamneni Bhaskar, represents a forward-looking strategy to position Andhra Pradesh at the forefront of technological innovation and entrepreneurial growth. (KNN Bureau) 41513 https://knnindia.co.in/news/newsdetails/state/andhra-pradesh-unveils-ambitious-innovation-and-start-up-policy-for-2024-2029 2025-03-25 14:48:28 knnindia.co.in Andhra Pradesh Unveils Ambitious Innovation And Start-Up Policy For 2024-2029