Chief Minister Yogi Adityanath led cabinet on Wednesday, July 9, cleared the new Uttar Pradesh Startup Policy 2020 in an effort to encourage entrepreneurs and generate employment opportunities in the state.
The policy aims to establish at least one incubator in each of the 75 districts and 100 incubators across the state, and create an ecosystem for the establishment of 10,000 startups.
Till date, as the state did not have a comprehensive startup policy, an independent and comprehensive policy was required, the government said. The new policy will be applicable for the next five years.
The government added that the policy would help in turning the youth from job seekers to job providers. The policy is also expected to create direct employment opportunities for 50,000 people and indirect employment for one lakh people in the state.
The Yogi Adityanath led UP government is aiming to bring Uttar Pradesh among the top three states in the startup sector in the country. They are also planning to set up India's biggest startup incubator in Lucknow.Furthermore, the government will give special encouragement to establishing startups in the backward regions of Purvanchal and Bundelkhand areas. The new policy was drafted by officials who studied similar policies in other states and took suggestions from experts to evolve a composite policy framework for UP.