MP to soon launch new start-up policy backed with venture fund

With an aim to boost start-ups in Madhya Pradesh, the state government will soon unveil a policy, including a venture capital fund, to promote innovative business ideas, Chief Minister Shivraj Singh Chouhan said on Wednesday.

''If we want to turn India into a 5,000-billion-dollar economy, then we will have to encourage start-ups. Therefore, we have decided that we will soon present the state's new start-up policy,'' Chouhan said while interacting with 'Start in Indore' conclave participants.

To support start-ups, the state government will establish a venture capital fund and through it, innovative ideas in business will be promoted.

Chouhan said capital is the basic requirement of any enterprise and therefore, the government will consider providing guarantees to banks for granting loans to start-ups.

The government is also thinking of organising a global investors meet for start-ups, Chouhan said, adding he has decided to spare one hour every month to have a dialogue with start-up entrepreneurs to resolve the problems being faced by them.

After hearing the success stories of a few start-ups, the visibly happy chief minister said, ''I wish that Indore should become a start-up capital of the country.'' Chouhan also directed the Indore Development Authority (IDA) CEO to formulate a policy for providing space to the start-ups at concessional rates.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)