March 1, 2020 by admin

Rs100 cr to promote start-ups: Manpreet

Mohali

To boost the start-up ecosystem, Finance Minister Manpreet Badal announced a Rs100-crore start-up fund in partnership with IKG Punjab Technical University today.

Manpreet announced this while delivering the keynote address at ‘TiECon-2020’ held at the Indian School of Business, Mohali. He said the fund would be a revolving one with an initial amount of Rs 25 crore and after utilisation of this amount, Rs 25 crore shall be added to it till it reaches Rs 100 crore. He said 25 per cent funds would be dedicated to promote start-ups by SCs and women. He also announced establishing an incubator at Kalkat Bhawan, Mohali, to promote agri start-ups for which an executive committee comprising government officials and experts in the start-up sector would be set up.

The Finance Minister also announced reimbursement of registration stamp duty to first 100 start-ups every year. The cost incurred on the Memorandum of Association and Articles of Association during the registration of a company with the Registrar of Companies, Government of India, would be reimbursed by state government.

Manpreet said we needed to innovate and come up with sustainable solutions to increase the income of our farming community which was distressed and beleaguered.