Odisha to be home to 1,000 startups in next five years: Govt

Odisha government on Tuesday approved a new policy with a target of making the state home to at least 1,000 startups over the next five years.

The Odisha Startup Policy (OSP), 2016, will be unveiled by Chief Minister Naveen Patnaik at an investors meet in Bengaluru next month.

OSP envisages Odisha being among the top three startup hubs in the country by 2020 through strategic partnerships, conducive ecosystem, investments and policy intervention.

“The policy will be implemented within five years and comprises of three Is - Institutions, Industry and Incubation,” Chief Secretary A P Padhi told reporters here.

The implementation of the policy would be monitored by a Startup Council headed by the Chief Secretary and a Review Committee headed by Principal Secretary MSME, he said.

The policy envisages usher in an innovative startup ecosystem through creation of world class incubation centres, funding and supporting incentives structure at par with other states.

He said a Startup Capital Infrastructure Fund (up to Rs 25 crore) would be provided by the state government to the Department of MSME through budgetary provision.