With a lifespan of 5 years from its implementation, the policy will provide various incentives through a start-up council to investors, incubators and host institutes, such as a 100 per cent reimbursement of paid stamp duty and registration fee on first transaction on sale/lease deeds and subsequently 50 per cent on the second.
“A start-up council would be constituted for administering the incentives to the start-ups in a smooth manner and to set the direction of the state in terms of the start ecosystem. An Advisory and Executive Committee headed by Principal Secretary (IT) would be part of the Start-up Council,” the government said.
Based on the number of start-ups incubated in a year, the council will also recognize host institutes with an operating grant.
The policy will also ensure continuous electricity supply at industrial tariff to the incubators, who will also be permitted to avail renewable energy under open access system.
IT and Industries Department has urged all the relevant departments to set up or support dedicated incubation zones and identify areas requiring solutions and potential partners or sponsors for tie-ups.