Prime minister (PM) Narendra Modi said that Uttar Pradesh played a major role in India’s start-up drive. In his speech during the investor summit in UP, PM Modi said that the Yogi Adityanath-led government is planning to launch 100 incubators and three state-of-the-art in the coming years. 

PM Modi also added that these initiatives would boost the entrepreneurial drive in the state as well as in the country. 

During his speech in the parliament on Wednesday, PM Modi appreciated India’s start-up drive in recent times. He said in the parliament that India is home to nearly 90,000 start-ups and 108 unicorns in the world. He also added that India ranks third in terms of having the most number of start-ups. 

In an attempt to nurture the start-up drive in the state, the UP government launched StartinUP in… Recently, the body signed an agreement with Investopedia to mobilise the high-net-worth individuals (HNIs) to invest in the start-ups as angel investors. The body eyes to establish or support 100 incubation centres in the state (at least one in each district). It wants to develop eight state-of-the-art centres and one million square feet of incubation space in the state. 

To foster the entrepreneurial drive, the body has disbursed incentives worth Rs 6.41 crore. 

According to a Business Standard report, the UP government has recently made some changes in its start-up policy. It hiked the start-up seed capital firm by 50 per cent to Rs 7.5 lakh to 7 lakhs. Additionally, sustenance allowance for start-ups has also been increased to Rs 17,500 from Rs 15,000. The government also announced a prototype development fund worth Rs five lakh for start-ups.