UP Budget 2023-24: Rs 100 Cr For Seed Funds, Special Provisions To Promote Startups

The Uttar Pradesh government has made provisions in the budget presented on Wednesday to promote startups in the state, an official statement said.

    According to the statement, special steps have been taken in the budget with the goal of fostering the self-reliance of youth and promoting startup culture.

    Startups are being encouraged in a variety of industries, including agriculture, health care, energy, khadi, education, tourism, and transportation, under the UP Startup Policy - 2020.

    "There are up to 50 incubators and 7,200 startups operating in the state. An arrangement for Rs 100 crore has been made for seed funds to promote incubators," the statement said.

    In addition, Rs 60 crore has been proposed for the Uttar Pradesh Information Technology and Startups Policy while Rs 20 crore is proposed for the Agriculture Accelerator Fund with the objective of encouraging young entrepreneurs to set up agritech-start-ups in rural areas.

    A provision of Rs 3,600 crore has been made in the budget for providing tablets/smartphones to eligible students under Swami Vivekanand Yuva Sashaktikaran Yojana, the statement added.