New start-up scheme to focus on biz ideas, unicorns in Uttar Pradesh

Uttar Pradesh has recast its start-up policy to support new business ideas and nurture unicorns.

The prominent UP-based unicorns include Paytm and Pine Labs even as Noida, Ghaziabad, and Lucknow account for the maximum number of start-up ventures in the state. To boost the start-up culture, the state government has amended the start-up policy to expand the bouquet of incentives and financial sops to enrich the ‘doing business climate’ for new businesses.

Under the new framework, the start-up seed capital/marketing support sum has been hiked by 50 per cent from Rs 5 lakh to Rs 7.5 lakh. Besides, the sustenance allowance to start-ups has also been increased from Rs 15,000 to Rs 17,500 per month for a year. Additionally, eligible start-ups will get prototype development funding of Rs 5 lakh.