Latest news with #ChandigarhStartupPolicy2025
Hindustan Times
30-04-2025
- Business
- Hindustan Times
Chandigarh startup policy finally powers up after 7-year wait
After seven years of being stuck in the pipeline, the much-anticipated Chandigarh Startup Policy 2025 was finally launched by the UT administration on Tuesday, promising a bunch of incentives—from idea to seed stage grants and further financial support to give wings to local entrepreneurial initiatives. The city-specific policy was launched by Punjab governor and UT administrator Gulab Chand Kataria in the presence of chief secretary Rajeev Verma, mayor Harpreet Kaur Babla, deputy commissioner Nishant Yadav, principal secretary to Punjab governor Vivek Pratap Singh. The ceremony, held at Punjab Raj Bhawan, also saw members of eminent institutions such as Panjab University, Punjab Engineering College, PGIMER, STPI, ISB, IISER Mohali, IIT Ropar and NABI in attendance. Among the participants were startup founders, budding entrepreneurs, representatives from industrial associations such as CII, PHDCCI, ASSOCHAM, CAN, TiE, Punjab Angels Network and Innovation Mission Punjab and other Chandigarh-based associations. Kataria said the policy had been designed as per the vision and consistent efforts of Prime Minister Narendra Modi since 2016. Just like Pune, Bengaluru and Ahmedabad, our City Beautiful Chandigarh can too become a startup hub, he expressed. 'Today's youth are already talented and tech-driven, and just need support. The startup policy of Chandigarh will engage youth in a positive and innovative direction, generate employment opportunities and also help the region become drug free,' he added. The policy had first begun taking shape in 2018, two years after the Prime Minister unveiled the Startup India Policy, and urged UTs and states to draft their own policies, tailored to the needs of regional entrepreneurs. However, due to several flip-flops, the UT missed multiple deadlines for implementing the policy. Last year, the administration was planning to launch the policy by the end of October, around Diwali. However, the UT finance department raised some queries, stalling its launch. As per the policy guidelines, a startup will cease to be eligible for benefits after completing 10 years or if its turnover exceeds ₹100 crore in any previous financial year. If any complaint of fraud or misrepresentation arises, the matter will be presented before a high-power committee for consideration.
Time of India
29-04-2025
- Business
- Time of India
Chandigarh startup policy launched to support innovation, entrepreneurship
1 2 3 Chandigarh: The Chandigarh Administration on Tuesday launched the much-anticipated Chandigarh Startup Policy 2025 during a ceremony held at Punjab Raj Bhawan, Chandigarh. In his address, Gulab Chand Kataria said that the new Chandigarh Startup Policy was designed as per the vision and consistent efforts of Prime Minister Narendra Modi since 2016. Just like Pune, Bengaluru, and Ahmedabad, our City Beautiful can also become a startup hub. Key highlights The Chandigarh Startup Policy 2025 was meticulously designed to enable the creation and growth of over 200 startups over the next five years. It aims to promote a culture of research, innovation, and entrepreneurship among youth, women, transgenders, and underrepresented groups. The policy seeks to strengthen incubators and academic institutions, driving synergy between industry and academia for fostering innovation. The Chandigarh administration has earmarked an annual corpus of Rs 10 crore for the effective implementation of the policy for the next five years. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 10 Mysterious Photos That Cannot Be Explained True Edition Undo Policy structure and administrative framework A high powered committee (HPC) chaired by the chief secretary, Chandigarh administration, will guide strategic decisions, monitor progress, and amend the policy if needed. The Policy Monitoring & Implementation Committee (PMIC), chaired by Secretary Industries, Chandigarh Administration, will be responsible for operational approvals, disbursement of incentives, and monitoring activities. Financial and Non-Financial Incentives Financial support for startups includes an idea grant of Rs 2 lakh for the top 20 startups and Rs 1 lakh for the next 50 startups selected through an annual grand competition. A seed stage grant of up to Rs 7 lakh per startup and an additional Rs 2 lakh for women-led and transgender-led startups is also available. The early-stage commercialisation grant offers up to Rs 12 lakh per startup, with an additional Rs 2 lakh for women-led and transgender-led startups. A rental subsidy of Rs 5,000 per month for 12 months is provided for using recognised co-working spaces. Support for certifications covers 80% of the cost incurred up to Rs 1 lakh per startup, and support for patent filings covers 80% of the cost incurred up to Rs 10,000 per startup. Financial support for incubators includes a technology upgradation grant of up to 25% of the total project cost, with ceilings of Rs 30 lakh for public and Rs 20 lakh for private incubators. A sustenance allowance of Rs 7.5 lakh per annum is provided for operational expenses, and mentorship programme support of Rs 5 lakh per annum is available for organising startup mentoring activities. Non-financial incentives for startups include access to incubation facilities at no cost for one year, relaxed public procurement norms, self-certification under six labour laws, and subsidised stalls at India International Trade Fair (IITF) and similar exhibitions. Full integration and service availability are provided via the dedicated "Start-in-Chandigarh Portal". MSID:: 120733046 413 |
