Budget allocates $250 million to the startup ecosystem

Startups ecosystem gets fillip with 250 crore fund in Budget

Jaipur: The chief minister has announced Rs 250 crore in support for the startup ecosystem. Gehlot announced last Friday that the Rajasthan Venture Capital Fund will be given Rs 250 crore to help startups.
Aside from the fund, they will also be exempt from stamp duty on loan documents executed for the establishment of a start-up. The sum was increased from Rs 10 lakh to Rs 25 lakh

Stamp duty will be waived on the purchase or lease of immovable property for more than ten years for the establishment of a workplace by a startup whose founding member or members are between the ages of 18 and 35.
The limit for single source procurement without a tender through startups has been increased from Rs 15 lakh to Rs 25 lakh

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“If implemented correctly,” said Mahavir Sharma, chairman of TiE India Angels, “the Budget announcements will add a significant impetus to the startup ecosystem in the state.”
He stated that Rs 250 crore will benefit a large number of startups and that a proper strategy for financing the ventures must be developed.
The startup sector has recently received a lot of attention from the federal and state governments. The centre assists startups in a variety of ways, including seed funding through a number of incubators.

The state government’s recently announced startup policy includes numerous provisions to encourage entrepreneurship and provide financial and other support to ventures.

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