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Telangana State innovation policy to boost startups
In yet another step towards promoting industrial development in a big way, the Telangana government has introduced ‘Innovation Policy’ under which the State will attract big corporates to set up research arms and encourage entrepreneurs to establish startups in urban as well as in the rural areas.
Hyderabad: In yet another step towards promoting industrial development in a big way, the Telangana government has introduced ‘Innovation Policy’ under which the State will attract big corporates to set up research arms and encourage entrepreneurs to establish startups in urban as well as in the rural areas.
Under the policy, investors would be offered a slew of incentives like reimbursement of paid stamp duty and registration fee. Incubators and host Institutes would be eligible for 100 per cent reimbursement of the stamp duty and registration fee paid on sale/ lease deeds on the first transaction and 50 per cent thereof on the second transaction.
The government will also assist the host institutes of recognized incubators with an operating grant to be calculated based on number of startups incubated in a year. It will also ensure uninterrupted supply of electricity at industrial tariff. Additionally, the incubator will be permitted to avail renewable energy under open access system.
The objective of the innovation policy is to develop physical infrastructure and programme management capabilities , focus on creating sustainable funding models, through funds and other instruments, to develop human capital by creating the right environment and support systems for learning, experimentation and innovation from the early phases of education , proactive engagement with industry to continuously promote and identify innovation, and to encourage startups in the rural and social enterprise space by providing additional incentives .
The policy would be in existence for five years. Jayesh Ranjan, Principal Secretary, IT and Industries Department, said that all the relevant departments should set up or support dedicated incubation zones and identify areas requiring solutions and potential partners or sponsors for tie-ups.
“A Startup Council would be constituted for administering the incentives to the startups in a smooth manner and to set the direction of the state in terms of the start ecosystem. An Advisory and Executive Committee headed by Principal Secretary (IT) would be part of the Startup Council,” the government said.
