Tamil Nadu’s start-up pol­icy to cre­ate 1L jobs

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE - Sameer Ran­jan —Yourstory.com

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.

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