1. Preamble
1.1
Bihar is progressing fast on the track of development, with unrelenting efforts being made towards strengthening infrastructure and promoting industrial growth. Government of Bihar is committed to improve competitiveness of the state's economy and achieving inclusive growth. Start-ups and Innovation play a key role in economic growth. This can be realized by promoting innovation and creating an ecosystem that nurtures start-ups from concept to commissioning. Apart from creating jobs, start-ups focus on innovation to create next gen solutions which bring economic dynamism.
1.2
Government of Bihar formulated and notified Bihar Start-up Policy, 2016 to create an independent and transparent eco system, where the state shall provide funding, promotion and policy support which was later amended as Bihar Start-up Policy 2017. The State has setup a Trust, with an initial corpus of INR 500 crores, which acts as the nodal agency for implementation of this policy.
1.3
In order to further boost the ecosystem and to make it more holistic and beneficial for the youth and entrepreneurs of the state, the Government has approved the Bihar Start-up Policy, 2022. This policy also aims to broad base the coverage, with an effective and faster implementation process.
2. Vision
The vision for the Bihar Start-up Policy, 2022:
“To enable Bihar emerge as the most preferred destination for start-ups and entrepreneurs by leveraging the potential of local youth through a conducive Start-up ecosystem for inclusive growth in the State”
3. Policy Period
Bihar Start-up Policy, 2022 will be effective from the date of notification. The said date shall be considered as effective date of this policy from which its provisions shall come into force and shall be applicable for 5 years.
4. Objective
- 4.1 Introduce, promote and encourage entrepreneurship education and career amongst the youth and entrepreneurs through various programs like “Udyami Bihar, Samridh Bihar Campaign”, Entrepreneurship Awards, Innovation Challenges and Business Plan Competitions etc.
- 4.2 Support Start-ups by seed-funding as well as matching grants to increase their viability.
- 4.3 Facilitate development of Entrepreneurship Development Centers and Entrepreneurship Facilitation Centers to increase awareness and promote entrepreneurship amongst the youth.
- 4.4 Encourage Entrepreneurship through education by introducing learning modules in the University/ Schools, MOOC (Massive Open Online Courses), internships amongst others.
- 4.5 Facilitate development of new and support expansion of existing Incubators/common infrastructure spaces/Co-working spaces.
- 4.6 Provide a one stop comprehensive portal for start-ups to access financial support (SEBI registered Alternate Investment funds, Empanelled Angel Investor, etc.), regulatory support, Network of mentors and Empanelled Project Management Consultants.
- 4.7 Enable hassle-free and time bound statutory clearances for start-ups.
- 4.8 Provide appropriate institutional support to enable the nurturing of Start-ups including mentoring, hand holding and trainings/orientation visits.
- 4.9 Any other activity which will enable and create Start-up ecosystem in the state.
Read more
Other Industrial Promotional Policies