Madhya Pradesh can be proud of the day, May 13, 2022, when the Prime Minister himself officially unveiled the Startup policy for India’s second-largest state. In the presence of Shivraj Singh Chouhan, the chief minister of Madhya Pradesh, Narendra Modi essentially inaugurated the state’s Dynamic Startup Policy 2022 by launching a startup platform. This significant programme to support aspiring entrepreneurs was unveiled at the MP Startup Conclave in Indore.
The state of Madhya Pradesh, which is sometimes referred to as the “heart of India,” has a large and talented technical workforce, making it the perfect place to launch enterprises. According to MP, there are 1,900 start-ups registered, of which 800 are
WHAT DOES MP’s DYNAMIC STARTUP POLICY FOR 2022
Through the state’s nodal department, the Department of MSME, the Government of Madhya Pradesh, the startup policy of MP will play a significant role in developing the startup ecosystem of MP. By offering financial help, institutional support, single-window clearance, infrastructure, support for government procurement policy, and marketing, it will foster new incubation and startup centres. The state’s socioeconomic development will be facilitated by the youth of MP engaging in more entrepreneurial activities.
PM Narendra Modi explained how the startup ecosystem in India has seen a significant transition, with 50% of startups coming from Tier II and Tier III cities during his speech during the virtual event. He added that startups are a potent means of realising dreams.
Speaking at the event, Shivraj Singh Chouhan allegedly remarked, “Efforts would be made to establish other districts as startup hubs in addition to Indore and Bhopal. He continued, “There are enormous prospects to be worked on in organic farming, “one district, one crop,” solar projects, automobiles, animation and games, logistics and warehousing, IT, and AI.”
MAIN CHARACTERISTICS OF MP PORTAL
The MP startup portal will contain the following essential characteristics to facilitate registration and allow aspiring business owners to take advantage of incentives:
1)Permit API integration and single sign-on
2)access to a startup profile instantly
3)profile administration for partners in promotion, investors, mentors, and incubators
4)Process for resolving grievances
5)mapping incubators and startups
6)mapping investors and startups
7)establishing connections between entrepreneurs and relevant state government agencies
A RISE IN NEW BUSINESSS IN MP
Madhya Pradesh has seen a significant increase in the speed of startup activity as a result of both the state and federal governments’ encouragement. According to reports, MP now has more than 1900 recognised businesses, up from just 7 Department for Promotion of Industry & Internal Trade (DPIIT) recognised startups in 2016. Information technology consulting, construction & engineering, agritech, food processing, and business support services are the top 5 industries in the state where startups are thriving.
The startup policy will encourage young people to develop creative company ideas, support the development of entrepreneurial skills, and advance job prospects, which will increase entrepreneurship in the state. “The startups have a vital role in expanding the tourism sector and will also help in giving a boost to Vocal for Local,” the prime minister said in so many words.