Bihar Startup Policy 2017
The Bihar Startup Policy 2017 was launched with the vision of making Bihar a hub for startups and entrepreneurs.
Here’s a breakdown of the key features:
Contents
Goals
- Turn Bihar into a leading destination for startups and entrepreneurs.
- Encourage young people in Bihar to be innovative and start businesses.
- Create a supportive environment for startups to flourish.
- Boost the state’s economy by accelerating Gross State Domestic Product (GSDP) growth and creating jobs.
Pillars of the Bihar Startup Policy 2017
The policy rests on four main pillars –
- YUVA (Yes to Startups): This pillar focuses on raising awareness, providing networking opportunities, and offering mentorship programs for aspiring entrepreneurs.
- Unleash Regulatory Enablers: This pillar aims to simplify regulations and make it easier for startups to function.
- Vibrancy in the Education System: This pillar focuses on encouraging educational institutions to promote entrepreneurship through programs and workshops.
- Access to Financing & Incubation Support: This pillar provides financial aid and connects startups with incubators for mentorship and support.
Key benefits for Startups
- Seed Funding: The policy offers interest-free loans of up to INR 10 lakhs as seed funding to eligible startups.
- Startup Registration Portal: A dedicated online portal simplifies startup registration and provides information on various government schemes.
- Helpline: A helpline is available to address any queries or issues faced by startups.
- Tax Incentives: Startups are exempt from paying certain taxes for a specific period.
- Infrastructure Support: The government provides access to co-working spaces and other infrastructure facilities at subsidized rates.
Additional Initiatives
The government organizes programs and workshops to promote entrepreneurship among the youth.
The government also decided to host Bihar Startup Fest, an annual event that provides a platform for startups to showcase their ideas and connect with investors.
Validity of the Policy
The Bihar Startup Policy 2017 was initially introduced for a five-year term. The government has replaced it with Bihar Startup Policy 2022 with some additional amendments.
For more details, you can refer to the official documents of the Bihar Startup Policy 2017 –
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