MSMEs in UP to get assistance up to Rs 5 lakh under new startup policy

The new startup policy 2020, aimed at extending support and encouragement to startups and incubation centres in Uttar Pradesh, has been notified, said Alok Kumar, Additional Chief Secretary, Electronics and Information Technology, adding that under the new policy, there is a window of up to Rs 5 lakh as marketing assistance to MSMEs.

Kumar said this while addressing a virtual conference on 'Role of Information Technology in transforming MSMEs' future during COVID-19,' according to a PHDCCI release. The conference was organised by the Uttar Pradesh Chapter of PHD Chamber of Commerce and Industry.

Kumar also said the Department of IT and Electronics is working hand in hand with SIDBI to facilitate venture capital funding for new startups and MSMEs.

Focussing on the crucial role played by IT, Additional Chief Secretary, Department of MSME, Khadi and Village Industries, Navneet Sehgal said with the help of information technology now, almost all district industries centre (DICs) are online.

He said most of the government schemes for the MSMEs and other units can be accessed and availed online.

The top bureaucrats also thanked the PHDCCI for taking the initiative of discussing the importance of information technology, which has been playing a pivotal role in several domains amid the pandemic.

In his keynote address, UP IT and Electronics Minister Ajit Singh Pal said with the optimum use of information technology, MSMEs can transform the nation into a "new India, where IT will play an important role and lead the country as a major player in the global economic competition."

In his special address, PHDCCI Secretary-General Saurabh Sanyal said the trade body has a huge membership base of more than 1,50,000 members with 70 percent of them being MSMEs.

"With over 115 years of existence, the chamber is committed to working hand in hand with the government for the betterment of these industries to turn India into a favoured and ideal destination for industrialisation and investment," said Sanyal.