With a target of providing direct and indirect employment to five lakh youth in the next five years, the state cabinet on Wednesday gave its nod to the Maharashtra State Innovative Start Up Policy, 2017. The policy aims at attracting investment of Rs. 5000 crore. The state also aims to provide Rs 500 crore for innovative start-ups. The state government had formed Maharashtra State Innovation Society, chaired by Minister for skill development Sambhaji Patil-Nilangekar. Noted scientist Dr. Raghunath Mashelkar along with Minister of state for Skill Development Dr Ranjit Patil are the co-chairmen of the Society. The Maharashtra State Innovation Society has drafted this start up policy for promoting businesses based on innovative ideas to promote entrepreneurship.?The policy aims at providing boost to innovative start ups in the field of bio-technology, information technology, clean energy, and artificial intelligence. The policy is prepared for increasing the share of Maharashtra in National GDP which at present is 15 per cent. The policy also aims at providing employment to skilled especially technically skilled abundant man-power in the state. The state government, under it’s start-up policy, would develop at least 15 incubators attracting investment of Rs. 5000 crores. Government is also planning to take help from businesses for seed and angel funding for promoting start ups. Government would float tender for participation in setting up start ups soon. Businesses in the state can also chip in for start ups in their chosen field so that they can avail technology developed by start ups and in turn innovative entrepreneurs can avail capital for their start ups. As per policy, any business would be considered as start up only for seven years after registration. The duration would be ten years for start ups in social sector and bio-technology sectors. The turn over limit for start ups is fixed at Rs. 25 crores. The innovative clusters would be developed in addition to virtual incubators, 3 world-class accelerators, and start up parks in collaboration with higher education institution, research institutes and labs so that various services can be provided for start ups and industry as a whole. As per the policy, start ups would receive 100 per cent waiver in stamp duty and registration for their first transaction and would have 50 per cent waiver for the second. Punjab, Odisha as well as Andhra Pradesh and Telangana already have such a start up policy to promote start ups in their states. FOR THE NEXT GEN

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