Tamil Nadu’s start-up policy to create 1L jobs
After brainstorming for about a year, the Tamil Nadu government unveiled its start-up and innovation policy that looks to create one lakh jobs, both direct and indirect over the next few years.
The state is also planning to set up the Tamil Nadu Startup Fund of Funds to the tune of Rs 250 crore, which will be registered as an Alternative Investment Fund (AIF), and managed by organisations like the Small Industries Development Bank of India to invest in startups and MSMES. The government announced it will invest Rs 75 crore in the fund and the first tranche of Rs 25 crore will be allotted in FY20. The state startup policy was unveiled by chief minister K Palaniswami recently.
Apart from this, the state will also set up Tamil Nadu Startup Seed Grant Fund (TNSSGF) of Rs 50 crore, with an allotment of Rs 5 crore in the first year.
R V Shajeevana, additional director, Entrepreneurship Development and Innovation Institute of Tamil Nadu (EDII), said, “This is a broad policy document.”
She added that the new policy also encourages the participation of startups in government procurements.