Innovation and entrepreneurship are crucial for a state’s economy to grow. The State of Punjab is known for making quick advancements in overall prosperity and growth. The State has achieved success in a wide range of fields, including business, agriculture, education, health care, literature, sports, and the arts and humanities. Punjab has been endowed with excellent infrastructure, human resources, and energetic, forward-thinking citizens who work hard to turn any chance into a roaring success. Additionally, the State has recognized start-ups and entrepreneurship as the fundamental pillar for economic expansion, job development, competitiveness, and wealth generation.
POLICIES BROUGHT IN BY THE STATE OF PUNJAB:
- Punjab Industrial and Business Development Policy, 2017
The current programme introduces radical changes, reorganizes institutions, and provides a comprehensive foundation for the State’s sustainable industrial growth. Infrastructure, Power, MSME, and Ease of Doing Business are the eight main strategic pillars around which the policy is built. Start-up and entrepreneurship, skills, financial and non-financial incentives, and stakeholder engagement, are all supported by sector-specific growth strategies. The MSME sector’s growth is greatly accelerated by the policy. In addition to conventional industrial businesses, the programme also intends to foster the growth of service industries.The strategy envisions significant alignment and synergy with the relevant sectoral policies of the Central Government and will concentrate on making the best use of and further expanding upon them. This is in keeping with the cooperative federalism philosophy.
- Start-up Punjab
In adherence to the Industrial and Business Policy, 2017 the Government of Punjab initiated the Start-up Punjab Policy. A state’s economy significantly depends on entrepreneurship and inventiveness. In terms of general prosperity and growth, the state of Punjab is regarded as a leader. The state has achieved success in a variety of fields, including agriculture, industry, education, health, literature, sports, arts, and culture. Punjab is blessed with top-notch human resources, infrastructure, and business-minded individuals that strive to make the most of any opportunity that comes their way.
Additionally, the State has identified entrepreneurship and new business creation as crucial pillars for economic growth, job creation, productivity, and wealth generation. Based on the Start-up Action Plan and Stand-up India programme of the Government of India, the Start-up Punjab and Entrepreneurship Development Policy has been introduced.
AGENDA OF STARTUP PUNJAB POLICY:
- To address the problems in the market, enterprise, knowledge, product, ideas, and culture in order to create a favorable ecosystem.
- To build the infrastructure and atmosphere required to support entrepreneurial operations.
- To promote connections amongst industry academies in developing an entrepreneurial culture.
- To streamline laws and norms in order to establish a supportive climate for startups.
- To support 1000 companies over the course of five years.
- To establish 10 incubation accelerators in Punjab with a focus on information technology, agro-food processing, life sciences, and digital manufacturing.
- To create solid connections with the most important State institutions.
- To support over 50 Entrepreneurship Development Centers at colleges and universities throughout the State.
WORKING OF STARTUP PUNJAB POLICY:
- ENTREPRENEURSHIP AND STARTUPS
Punjabi’s are known for having an entrepreneurial mentality. This is exactly what sparked the Green Revolution and helped the State become a center for small and medium-sized businesses. The State looks forward to creating a strong ecosystem for fostering innovation and startups with the inauguration of Start-up Punjab. The State would make sure that various Central and State initiatives that support startups, innovation, and entrepreneurship have the required convergence and synergy. It would promote collaboration between multiple academic institutions with a track record of conducting research and innovation and other organizations that run incubators and accelerators.
- COLLEGE AND UNIVERSITY INCUBATORS
The establishment of incubation centres in colleges and institutions across the state would be encouraged by the state. These facilities are essential for encouraging an entrepreneurial mindset among students. Instead of only helping students’ find jobs once their studies are through, it instills in them the idea of entrepreneurship. This would enable students and business owners to benefit from a creative, stimulating, and inventive atmosphere in addition to the knowledge of strong business ownership concepts and practices that the incubator programs would provide. Through incubation centres, efforts are being made to establish a strong network between academia and industry.
- IKG UNIVERSITY OF TECHNOLOGY IN PUNJAB
IKG Punjab Technical University has established a Start-up Fund of INR 100 Crores in collaboration with the State Government to lend a helping hand to the State’s youth and assist them to develop into entrepreneurs. This money would go toward scaling up funding for businesses, promoting incubation facilities, and providing other assistance to start-up units. A quarter of the funding would be used to support women and members of scheduled castes who are starting businesses.
- DEVELOPMENTAL CENTERS
Other government organizations’ incubators: Several Central and State Government organizations, including the STPI Incubation Centre and the Biotech Incubator, have established numerous Incubation Centers. These centers would be properly and efficiently promoted with the required connections to business and state government initiatives. Additionally, the State of Punjab would fund and encourage private sector-led incubation centres, accelerators, and venture capital firms. To encourage the growth of incubation centres in the private sector, various fiscal and non-fiscal incentives will be offered.
- INDUSTRIAL INCUBATORS
The State encourages the establishment of sector-specific incubators for technologies such as digital manufacturing, biotechnology, life sciences, information technology, and agro and food processing in order to boost entrepreneurship in the priority sectors for the goal of development. These incubators would be built within and close to the state’s current industrial clusters.
Intern at Aggarwals & Associates, S.A.S. Nagar, Mohali