Punjab will facilitate 1,000 startups in 5 years

CHANDIGARH: Mohali, which is being developed as an information technology (IT) hub by the Punjab government, has emerged as the preferred destination for setting up startups in the state.

There are a total of 141 startups registered with the department of industrial policy and promotion (DIPP), of which around 40 are located in Mohali alone. Ludhiana follows with 18 startups, with 14 registered in Jalandhar and 12 in Bhatinda.

With young entrepreneurs preferring Mohali over other districts, the government has started working towards providing similar infrastructure in other parts of the state. Of the five incubators in the state, three are located in Mohali.

Acknowledging the fact, additional chief secretary of industries department Vini Mahajan, in her address at Punjab Start-UP Summit-2018, laid much emphasis on going beyond Mohali.

“It is great that Mohali has become a great centre, but we need to go beyond Mohali. You will see more startups coming up in other parts of the state,” said Mahajan.

Echoing similar sentiment, Manipal Dhariwal from Punjab Chamber of Commerce and Industries , said that time had come for creating conducive environment across the state. “Punjab has a great potential and we need to go to smaller towns. This has to be done on priority,” said Dhariwal.

With an aim to become a hub for startups, Punjab is offering waiver in the stamp duty and electricity duty for a period of seven years. The startups are also given exemption from payment of change of land use (CLU), property tax and investment subsidy by way of reimbursement of state good and service tax (SGST). The government aims to facilitate 1,000 startups in 5 years and to setup 10 incubation centres. The government also plans to establish strong links with all the major institutions and to facilitate 50 entrepreneurship development centres in the colleges.

Some of the problems being faced by entrepreneurs operating from Mohali were brought to the notice of Mahajan, who accepted that there are few pain points in Mohali IT Park. However, she assured that the issues will be resolved at earliest.

“Please don’t give up when you are dealing with governments. They are notoriously slow, but governments move, they move in right direction,” said Mahajan.

News Source: As Published in Times of India on Sept. 1, 2018 City News Edition