Bhubaneswar, Jan. 18: Two days after the Centre offered three-year income tax exemption and capital gains tax relief to start-ups, chief minister Naveen Patnaik today said the state would shortly formulate a separate policy for the development of start-up projects.
Prime Minister Narendra Modi, while launching the start-up programme on Saturday, had said the Centre would create a Rs 10,000-crore fund to incubate start-ups.
"My government would shortly be developing a focused policy for promoting start-ups in the state," said Naveen during his meeting with a delegation from the US-based TiE Silicon Valley team today.
"Odisha is one of the most promising states in India with significant potential for the growth of start-ups," Naveen told the delegation.
"We have some of the premier institutions in the country and the quality of our manpower is second to none. The policy and regulatory reforms implemented by our state are very conducive to the growth of a number of start-ups. We are already witnessing growth across various sectors."
"However, there is a huge potential that is yet to be tapped. With the supporting ecosystem available, my vision is to see Odisha in the top three start-up destinations of the country in the next two years," said Naveen.
The state-owned Odisha Industrial Promotion and Investment Corporation Limited (Ipicol) and the TiE Silicon Valley (a non-profit association dedicated to fostering entrepreneurship) signed an MoU for the growth of start-ups in the state.
The state government is planning to set up incubators in the state to assist start-ups. "I am confident that your engagement will ensure setting up of world class incubators," Naveen said.
Chief secretary Aditya Prasad Padhi said: "The TiE Silicon Valley team would help in the formulation of policy. It is expected to be ready within two to three months."
The team appreciated the state government's efforts in creating a favourable atmosphere to attract foreign direct investment in the IT and electronic system design & manufacturing sector.
