Get All Access for $5/mo

Punjab Likely To Launch Startup Policy By 2022 End The state's industry department will reportedly decide whether or not to introduce the startup policy as a separate policy or as a part of the new Industrial Policy

By Soumya Duggal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

freepik

Post receiving approval from the Punjab government, the state's industry department will decide whether or not to introduce the startup policy as a separate policy or as a part of the new Industrial Policy, according to a recent report in The Tribune India.

Aiming to boost and nurture the vibrant startup ecosystem in the state, the proposed policy is likely to be introduced by the year-end, noted the report. The earlier startup policy was a part of the Industrial and Business Development Policy, 2017, which lapsed last month.

After studying startup policies of various states such as Karnataka, Telangana and Kerala, the Punjab industry department has incorporated many best practices in the policy to follow a proactive approach to facilitate ease of doing business for startups in the state, according to the report.

Under the draft policy, the eligible startups shall reportedly be provided an interest subsidy of 8 per cent per annum for a period of five years on the rate of interest paid on loans obtained from scheduled banks or financial institutions. Additionally, seed grant up to INR 3 lakh per startup shall be provided for validation of idea, prototype development, assistance towards travelling costs and carrying out field or market research.

Further, reimbursement of 25 per cent of lease rental subsidy to eligible startup units established in the state, operating from incubators, IT parks, industrial clusters or any other notified location shall be eligible for a period of one year.

The report also notes that the Punjab government intends to support cluster-specific bottom-up approach to build and strengthen startup and entrepreneurship ecosystem as well as handhold women who have business ideas and are interested to start their own business ventures.

Currently, over 400 startups from the state are registered with Start-Up India-Department of Promotion of Industry & Internal Trade and Start-Up Punjab.

Soumya Duggal

Former Feature Writer

Growing a Business

Why Business Owners Should Streamline Their Operations Now for Success in 2025

As the holiday season and year-end approach, business owners face heightened operational demands, from inventory management to spend control. By streamlining these processes and partnering with flexible suppliers, businesses can maintain efficiency, meet customer needs and focus on growth while navigating this busy period.

Science & Technology

Use This Framework to Successfully Integrate AI Into Your Business Operations

Here's how to ensure both innovation and compliance when using AI in your organization.

Business News

Apple Is Adding ChatGPT to iPhones This Week. Here's How It Works.

ChatGPT will take over questions that Siri can't answer.

Growing a Business

5 Effective Strategies to Boost Your Business's Online Presence

Boosting your online presence in 2025 is the key to success for businesses looking to grow. Working on your branding and reputation management is important to drive more sales and improve conversion.

News and Trends

2025 to Test AI Ideas for Viability: Sequoia's 3 Predictions

If 2024 was AI's primordial soup year, 2025 will be about the foundations solidifying, according to David Cahn, partner at Sequoia Capital