Soon, single window system to resolve startup issues
LUCKNOW: With an aim to streamline the funding process of startup businesses, Uttar Pradesh government was planning to open a single window system to address all the issues of concerned parties, announced Sanjiv Saran, additional chief secretary, Department of IT and Electronics, UP Government.
The announcement was made during a function organised at Yojna Bhawan in Lucknow on Saturday.
“We have invited suggestions from the interested entrepreneurs who are already working in UP or wish to start a business here. The department will work on these suggestions and will try to resolve their issues through a single window system,” said Andra Vamsi, special secretary, Department of IT and Electronics.
The department is also planning to hold a series of meetings, discussions and symposiums with concerned parties to gather more information related to the field. Entrepreneurs present at the function welcomed the move.
“Despite the efforts made by the government to promote startups, there is still an understanding gap between the entrepreneurs and the government. The single window system may help clear this gap,” said Kumar Ranjan, an entrepreneur.
Reportedly, similar arrangements are already in place in several states like Andhra Pradesh and Maharashtra where atmosphere for new entrepreneurs is more welcoming. The discussion also stressed on the need of
‘knowledge labs’ across the state to groom young children as potential entrepreneurs, right from the school age.
Apart from the formation of single window system, Saran also announced formation of a ₹1000 crore startup fund which will be used to develop the biggest incubator centre of startups in the country.
Incubator essentially refers to the initial funding support provided to new entrepreneurs with ideas to start a new business. “As much as ₹250 crore of the fund
has already been allocated for startups for the current financial years,” said Saran.
Reportedly, this ₹1000 crore fund has been allocated with the help of SIDBI (Small Industries Development Bank of India) which acts as a major funding agency for small business. Participants at the event pointed out the difficulties they face for getting their funding approved from SIDBI.
Saran also suggested calling a meeting with SIDBI officials to discuss the issues.