In a recent development, Gujarat Government has announced a startup fund worth Rs. 200 crores for student startups. It is definitely a good news for startups seeking funding in these tough times.
The Gujarat Government has released a startup policy for the students which allow them to grant Rs.200 crore as funds for the students to carry out their innovations and work wonders. This decision has been taken by the state education department.
Gujarat Government Announced 200 cr funds for Student Startups seeking Funding
Mr. Vijay Rupani, the chief minister of Gujarat made this announcement that is directed towards fostering of early entrepreneurship at the student level in Gujarat.
Out of this 200 crore fund, half would be provided by the state government whereas the other half by the universities and Corporate Social Responsibility (CSR) funds. Well, the main aim of this new policy is to create a favourable and helpful environment for the students so that at least 1 percent of them turn out to be the job creators.From now onwards, Pre-Incubation Ecosystem Support (IPIES) facilities will be provided in the universities, as stated by the Economic Times. These will make the work of the students easier and also will help them to file for their patent rights.
The active participation taken by the government was seen the previous year also. For example, in the month of September nearly 1400 startups were registered with the Karnataka Startup Cell. $1.5 million was distributed among these startups to carry out their activities in the best manner.
The current Government has been taking multiple initiatives to boost startups and digital economy in the country. Recently, Prime Minister Narendra Modi had unveiled the BHIM App for digital transactions. However, how efficiently these funds will be distributed is the question that lurks. We hope that the distribution of startup funds is done in a transparent and clear manner so that maximum startups are able to benefit from it.