India News | UP MSMEs to Get Up to Rs 5 Lakh Aid Under New Start-up Policy

Lucknow, Aug 18 (PTI) MSMEs in Uttar Pradesh will get marketing assistance of up to Rs five lakh under a new start-up policy, a senior official said here Tuesday.

New start-up policy 2020, aimed at extending support and encouragement to start-ups and incubation centres in Uttar Pradesh has been notified, said Additional Chief Secretary (Electronics and Information Technology) Alok Kumar.

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“Under the new policy, there is a window of up to Rs 5 lakh as marketing assistance to MSMEs," he added.

Kumar gave this information while addressing a virtual conference on "Role of Information Technology in transforming MSMEs' future during COVID-19", a PHDCCI release said.

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The conference had been organized by the Uttar Pradesh Chapter of PHD Chamber of Commerce and Industry.

Kumar also said the Department of IT & Electronics is working hand in hand with SIDBI to facilitate venture capital funding for new start-ups and MSMEs.

Focusing on the important role that IT is playing these days, Additional Chief Secretary, Deptt of MSME, Khadi & Village Industries, Navneet Sehgal said with the help of information technology now, almost all District Industries Centre (DICs) are online.

He said most of the government schemes for the MSMEs and other units are posted online now and can be accessed and availed online.

Both of the top bureaucrats also thanked the PHDCCI for taking the initiative of discussing the importance of information technology which has been playing a pivotal role in almost all domains amid the pandemic.

In his keynote address, UP IT and Electronics Minister Ajit Singh Pal said with the optimum use of Information Technology, MSMEs will transform the nation into a new India where IT will play an important role that will lead the country as a major player in the global economic competition.

In his special address, PHDCCI secretary-general Saurabh Sanyal said the trade body has a huge membership base of more than 1,50,000 members with 70 percent of them being MSMEs.

With over 115 years of existence, the Chamber is committed to working hand in hand with the government for the betterment of these industries to turn India into a favoured and ideal destination for industrialisation and investment, said Sanyal.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)