Arunachal Pradesh Has Enacted A Startup Policy In An Effort To Encourage A Thriving Innovation Ecosystem

Arunachal Pradesh Has Enacted A Startup Policy In An Effort To Encourage A Thriving Innovation Ecosystem

During a recent monthly meeting, Arunachal Pradesh’s state cabinet established a startup policy to foster the startup ecosystem and provide assistance. The CMO said the strategy would help 250 firms expand over the next five years, generating jobs in the state.

The policy’s objective is to “turn Arunachal Pradesh into a worldwide powerhouse for innovation and entrepreneurship by giving comprehensive assistance to local companies”. The state government supports Arunachal Pradesh’s startup ecosystem via programmes and initiatives.

The strategy lists encouraging innovation, establishing methods to finance entrepreneurs, reducing the regulatory environment, and giving businesses precedence in public procurement.

Arunachal Pradesh aims to make startups a fundamental part of its business framework. The administration seeks to place Arunachal Pradesh on India’s entrepreneurial map. The state administration asked for help from state and federal agencies.

Recently, Prime Minister Modi’s appeal for “Atmanirbhar Bharat” has included more and more references to Arunachal Pradesh. The measure will assist the frontier Indian state’s entrepreneurial sector to rise to new heights.

Arunachal Pradesh joins Delhi, Madhya Pradesh, and Tamil Nadu in launching new startup policies this year with the announcement of its startup policy.

Efforts done by the State for Introducing Startup

The state has introduced numerous measures to enhance its startup environment.

Arunachal Pradesh’s CM Pema Khandu established the Arunachal Pradesh Entrepreneurship Development Programme (APEDP) in 2020. The state picked 31 firms for seed money rewards, incubation, and pre-incubation from IIM Calcutta Investment Park.

APIIP is Arunachal Pradesh’s first state-owned incubator and a foundation of its Startup Policy.

The investment park provides infrastructural assistance to entrepreneurs, including a co-working space, a conference room for funders, a multi-purpose conference hall, a lecture and mentor’s room, and an office area.

State’s Initiatives for Boosting the Innovations and Startups

Narendra Modi has advocated supporting startups several times at May’s Mann Ki Baat. The PM called on India’s youth to establish more drone businesses during the Drone Festival of India 2022.

The government is also developing legislative frameworks to promote businesses across sectors, such as a framework for bogus ecommerce reviews.

The Arunachal Pradesh state cabinet approved the state’s Startup Policy, which promotes startups. Over the next five years, the government plans to help 250 new businesses get off the ground.

Arunachal Pradesh’s Startup Policy will stimulate innovation and generate jobs.

The CMO said the strategy would turn Arunachal Pradesh into a worldwide powerhouse of innovation and entrepreneurship by supporting indigenous businesses. Arunachal Pradesh’s government uses ‘Atmanirbhar Bharat’ and ‘Atmanirbhar Arunachal’ to strengthen the startup ecosystem.

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