Bihar Start-up Policy 2022: The young entrepreneurs of Bihar have got another gift from the State Industries Minister Syed Shahnawaz Hussain. Industries Minister Syed Shahnawaz Hussain launched the Bihar Start-up Policy 2022 on Friday.
Along with this, start-up portal has also been launched for the young entrepreneurs of Bihar who would like to take advantage of the schemes of the Start-up policy.
Addressing the launch program of Bihar Start-up Policy 2022 and Start-up Portal, State Industries Minister Syed Shahnawaz Hussain said, ‘I am giving another great opportunity to the young entrepreneurs of Bihar to move ahead in the field of industry and self-employment. After the Mukhya Mantri Udyami Yojna scheme, the youth of Bihar should take advantage of the Bihar Start-up Policy to improve their fortune.”
“Under the Bihar Start-up Policy 2022, an amount of Rs 10 lakh would be given as seed fund for 10 years without interest. Necessary provisions have been made under the Start-up Policy 2022 for those who need guidance, training or marketing help to ensure their success or growth even after seed funding.
The MSME sector is developing at a fast pace in Bihar. Along with ensuring the growth of MSMEs, the goal of making the state a start-up capital is also on top in our priority list,” he added.
“We have set many goals to fulfil the resolution of industrialization of Bihar. Such as the establishment of large industries, giving wide exposure to MSMEs, strengthening the traditional industries of Bihar such as handloom, handicraft, khadi, village industries. Among them, one of the big goals is that a great ecosystem should be created for the growth of start-ups in Bihar – start-ups should get training, financial assistance, workspace, marketing as well as all kinds of support, their hand holding, So that not only their success is ensured, but the start-ups of Bihar can also stand tall amongst the big start-ups of the country.
Syed Shahnawaz Hussain also said that PM Modi has praised this initiative of the Bihar government.
“The contribution of start-ups in the economy of the entire country is increasing continuously. Realizing its importance, Prime Minister Narendra Modi has taken every necessary step to encourage start-ups in the last 8 years and as a result, today the number of unicorns in the country has crossed 100 i.e. the valuation of more than 100 start-up companies is beyond 1 billion dollars. Prime Minister Narendra Modi believes that whenever the country becomes a $5 trillion economy, the role of start-ups will be very important,” he said.
“The participation of the promising youth of Bihar in the start-up ecosystem in the entire country is tremendous and now it is our endeavour that the start-ups registered in Bihar should also grow rapidly and register their participation in the start-up ecosystem of the country,” he added.
Giving information about the facilities available under the Bihar Start-up Policy 2022, Bihar Industries Minister Syed Shahnawaz Hussain said that the most important thing in this is that the start-ups will get a seed fund of 10 lakhs which will remain interest free for 10 years. Apart from this, if a start-up company wants to participate in any acceleration program (Rigorous Training for Product Enhancement & Funding), then a provision of up to 3 lakh has been made in the policy for that.
“Not only this, if a start-up company is successful in getting investment from angel investors, then 2% of the total investment received by the government will be given as success fee,” he said.
Shahnawaz Hussain also said that if a start-up company is successful in raising funds from an angel investor and even after that there is a need for additional funds, then there is also a provision of matching loan from the Start-up Fund Trust of the Industries Department.
The Bihar Industries Minister said that special provision has been made in the Start-up Policy to encourage women for entrepreneurship and self-employment. For example, if a start-up company is started by a woman entrepreneur, then she will get 5% more of all the facilities available under the policy such as – Start-ups of women entrepreneurs will get Rs 10 lakh 50 instead of Rs 10 lakh as seed fund i.e. 5%. Percentage higher.
This facility will be 15 percent in the case of SC ST and Differently abled i.e. the seed fund will be 11 lakh 50 thousand. Syed Shahnawaz Hussain said that there is also a provision of up to Rs 2 lakh per start-up for hand holding and nurturing of start-ups. If a start-up is successful in getting angel funds with the help of incubators, then there is a provision of success fee i.e. 2 percent of the angel investor fund received for incubators as well.
“To increase the participation of start-ups in the economy of Bihar, we will provide them with financial incentives and other facilities as well as co working space. Preparations are going on for this,” Syed Shahnawaz Hussain said.
Syed Shahnawaz Hussain said that it is the resolution of Chief Minister Nitish Kumar that young entrepreneurs in Bihar should get new opportunities to move forward and his department is working fast in this direction. He also informed that applicants will be able to register on Bihar Start-up Portal https://startup.indbih.com for the facility of Bihar Start-up Policy 2022.
During the launch of Bihar Start-up Policy 2022, Director of Industries Department Pankaj Dixit, Technical Director of Industries Department Sanjeev Kumar, Special Secretary Dilip Kumar were present.
Giving information to the media, Technical Director, Industries Department, Sanjeev Kumar said that in the next one month, applications will be invited for seed fund from start-ups and seed fund will be made available to the selected applicants at the earliest.