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In an important decision that Assam Chief Minister Himanta Biswa Sarma termed as a ‘game changer’ for the youth into startups and innovation, the state cabinet approved the creation of a new department and approved a fresh policy for it.
As part of the decision, the Assam government will soon create the Department of Innovation, Startup and Incubation, Sarma informed, adding that the Finance department has been directed to allocate a separate budget for it in the next state budget. Additionally, the cabinet also approved the Assam Startups and Innovation Policy 2025 to support financing for startups.
The Chief Minister said, “On January 26 during Republic Day celebrations in Dibrugarh, I made two announcements. As part of that, the cabinet today approved setting up the Department of Innovation, Startup and Incubation. The cabinet has directed the Finance department to set aside Rs 100 crore for this new department in the upcoming budget.”
“This will help create favourable conditions for startups in the state and will provide the youth with new avenues,” he added.
Sarma further mentioned the Assam Startups and Innovation Policy 2025 which the cabinet today approved. He said, “Startups will now be able to utilize the Assam government’s tie-up with SIDBI Venture Capital Limited to avail loans at different stages of development. They will get three years GST linkup and monthly assistance of Rs 20,000 from the government.”
“Additionally, they can avail Rs 10 lakh loan upon reaching the ‘proof of concept’ state. At the ‘pilot stage’ they will be able to avail Rs 25 lakh loan and a further Rs 50 lakh loan for ‘scaling up’ stage from the government,” said the Chief Minister.
In addition to this, Assamese youth who apply for national and international patents will also be reimbursed by the state government, Sarma added, saying, “Both decisions will be a game changer for the youth.”
The Assam cabinet today approved a slew of policies aimed at creating a Viksit Assam. These include:
Also Read: Assam Cabinet Approves ₹2,000 Cr for Women's Empowerment & Development Projects