Uttar Pradesh plans country’s largest incubator

Hyderabad: Uttar Pradesh is in the process of setting up the country’s largest incubator for facilitating startups and encourage budding entrepreneurs. The UP government would announce a new policy in this regard very soon, according to a senior official from the state.

UP government is organising ‘Investors Summit-2018’ in Lucknow during February 21-22, 2018. Sanjiv Saran, Additional Chief Secretary, Department of IT & Electronics, UP government, invited investors from Telangana and Andhra Pradesh to set up business units in UP, while addressing at Hyderabad Road Show, organised by the Department of Infrastructure and Industrial Development, UP Government, here on Tuesday.

Elaborating on investment potential in UP, Saran said: “The country’s largest incubator has been proposed to be established in Uttar Pradesh. Over 2,000 startups are functioning in UP and we would like to provide infrastructure by way of setting up a large incubator similar to the one here in Hyderabad. We’re setting up this incubator in Lucknow. A corpus of Rs1,000 crore will be instituted to provide growth capital to UP-based startups. A revised film policy will be brought out in the next 15-days.

Giving assurance of a consistent and supportive policy environment, Uttar Pradesh Industries Development Minister Satish Mahana has invited investors and industrialists from Andhra Pradesh and Telangana to explore possibilities of investing in UP.

Speaking to the media, Mahana said: “UP has already announced a progressive industrial policy after holding detailed discussions with industries and industry associations. Our state offers huge business potential to investors and we welcome investors from Telangana, Andhra Pradesh and across the country to Uttar Pradesh.”

According to the minister, “previously there was a disconnect between the government and industry. Now, UP is changing and the opinion towards the state has rapidly changed. While appreciating the progress of startups in Hyderabad, Mahana said that UP government was also encouraging startups with an objective of emerging as a hub by fostering a culture of innovation and entrepreneurship.

Highlighting the UP’s recently launched IT & Start up Policy-2017, Mahana said the intention of the government led by Chief Minister Yogi Adityanath is to create world-class infrastructure and incubators to support start-ups in the state.

“Hyderabad is known for its IT industry. We would certainly like to invite leading companies in these sectors to come to Uttar Pradesh and explore possibilities of investing in the state,” said Anup Chandra Pandey, Infrastructure and Industrial Development Commissioner.

Welcoming investments across all the focus sectors of the state like IT, electronics, manufacturing, food processing, energy, textiles among others Pandey laid his emphasis on the recently launched MSME policy of Uttar Pradesh.

According to an official release, V Prasanna Reddy, Whole-Time Director, GVK Power & Infrastructure Limited, has expressed interest to invest in upcoming airports, specially Jewar airport and also in the power sector. The government will organise the next roadshow in Mumbai on December 22.