Punjab Gives Seed Funding To Startups

Chandigarh : ‘Punjab Government through Startup Punjab Cell has been continuously working to boost Punjab’s startup ecosystem through various proactive steps like holding workshops, bootcamps, and partnerships.’It was disclosed by Sunder Sham Arora, Industries & Commerce Minister, while handing over Sanction Letters and cheques of Rs 3 lacs each to the startups at a ceremony organized by Startup Punjab at Udyog Bhawan, Chandigarh.The Minister on this occassion said that the Punjab Government in order to encourage entrepreneurship in Punjab, offers various fiscal incentives such as Seed Funding, Interest Subsidy, Lease Rental Subsidy as outlined in Industrial and Business Development Policy (IBDP), 2017. Furthermore, all incentives which are available for MSME units are also available to Startup Units as per IBDP 2017.Mr. Arora said that for the first time four startups have been approved Seed Funding of INR 3 Lakhs each after due evaluation process by the State Level Committee on 30th July 2021. These include M/s Grainpad Private Limited from Mohali, M/s Ygeiax Sciences Private Limited from Ludhiana, M/s Earth Naturals from Sangrur and M/s Black Eye Technologies Private Limited from Ludhiana.

Sh. Arora further said that entrepreneurs have played an immense role in the economic growth of Punjab. He said that Punjab Government, vide Startup Punjab cell, is committed to strengthening the startup ecosystem of the state by providing mentorship, fiscal support, incubation and acceleration support etc.Mr. Hussan Lal, Principal Secretary, Industries & Commerce, IT and IP said that entrepreneurs from all districts of Punjab must apply online with Startup Punjab for registration and for Seed Funding as well. Twenty-nine startups have already registered with Startup Punjab from various sectors such as Agritech, Cleantech, Food Processing and Beverages, IT/ITeS, ESDM, Healthcare, Waste Management etc. He mentioned that an online transparent process was followed for evaluation of applications by various Nodal Agencies which are Institutes of National Repute in India such as IIT Ropar, ISB Mohali, IKG Punjab Technical University, Software Technology Parks of India at Mohali, Institute of Nano Science and Technology Mohali, Indian Institute of Science Education and Research Mohali, National Agri-Food Biotechnology Institute etc.Mr. Sibin C., Director, Industries & Commerce also State Startup Nodal Officer shared some of the recent initiatives of Startup Punjab Cell to support startups in all possible ways.