Modi virtually inaugurates Madhya Pradesh start-up policy

Bhopal, May 13 (IANS) Prime Minister Narendra Modi on Friday virtually inaugurated Madhya Pradesh government's start-up policy, saying that the step will promote the start-up ecosystem and help nurture young entrepreneurs in the state.

Congratulating the Madhya Pradesh government for its start-up policy, the Prime Minister said there were 300 to 400 start-ups in the country, but in eight years, their numbers rose, and now, there are 70,000 recognised start-ups.

"Start-up portal has been launched in Madhya Pradesh today. I congratulate the Madhya Pradesh government. There is a huge scope of start-ups in the country and it gives simple solutions to tough challenges," Modi said.

He continued saying: "Till eight years ago, hardly there was discussion over the word start-up. Around 50 per cent start-ups are emerging in tier-2 and 3 cities. It has been observed that yesterday's start-ups are becoming multinationals today."

Modi said that Atal Tinkering Lab is running in more than 10 schools across the country where more than 75 lakh children are learning modern technology. It is working as a nursery of start-ups. "We revived the spirit of innovation, start-up of ideas among the youth," he added.

Meanwhile, Modi also interacted with a few entrepreneurs on this occasion to learn about their start-ups, and advised them about how they could benefit people.

Under the new policy, the state government will give subsidies to start-ups towards rent for the workplace, salaries, and product patents. There will also be a quota for start-ups in government purchases, an official said.

If a start-up is working from a rented place, Rs 5,000 per month will be paid for rent. It will also get Rs 5,000 per month per head for a salary of up to 25 employees, the official added.

The state government and Indore district administration has made elaborate arrangements at Brilliant Convention Centre to organise the MP Startup Conclave.

Before Prime Minister Modi virtually inaugurated the policy, Madhya Pradesh Chief Minister Shivraj Singh Chouhan held a long discussion with businessmen and young entrepreneurs present on the occasion.