Bhubaneswar, Aug 24: The State Cabinet yesterday approved the new start-up policy of the Odisha government to promote entrepreneurship in the state through provision of incentives for start-up ventures. Chief Secretary Aditya Prasad Padhi informed the media that the policy would chart a road map to place Odisha among the top three investment destinations in the country by 2020.
The state government has planned to set up 1000 start-ups in five years. A Start-up Capital Infrastructure Fund (up to Rs 25 crore) would be provided by the state government to the Department of MSME through budgetary provision to provide monthly assistance to young entrepreneurs. The Odisha Start-up Policy (OSP), 2016, will be unveiled by the chief minister at an investors meet in Bengaluru on August 26. The implementation of the policy would be under control by a Startup Council headed by the Chief Secretary and a Review Committee headed by Principal Secretary MSME. Padhi said a new legislation would be made to establish a Council for Higher Education to look after the higher education in the state.
Notably, the state government in December last year had announced that it would formulate a start-up policy with an objective to set up 1000 start-ups in the state in five years. The OSP envisages Odisha being among the top three start-up hubs in the country by 2020 through strategic partnerships, conducive ecosystem, investments and policy intervention. The policy envisages usher in an innovative start-up ecosystem through creation of world class incubation centers, funding and supporting incentives structure at par with other states.
The State Cabinet also approved a proposal for formation of a Higher Education Council with the Higher Education minister as its chairperson. Padhi said the constitution of the Council will be headed by the Higher Education minister as its chairperson while the vice chairperson would be an educationist in the rank of professor with relevant experience. The Cabinet also approved the GST Bill of the Centre and decided to convene a special session of the State Assembly on September 1 to ratify the GST Constitutional Amendment Bill.
There is provision that the bill should be ratified by at least 50 percent of the states of India by September 8. Keeping the ensuing Nuakhai festival in Western Odisha, the Cabinet decided to defer the beginning of the monsoon session of the State Assembly from September 7 to September 21.
