1. News

Haryana Government to Provide up to Rs 10 Lakh Grant to Support Startups

Shivam Dwivedi
Shivam Dwivedi
Haryana Government to Provide up to Rs 10 Lakh Grant to Support Startups

Haryana Government has launched a financial assistance scheme to inspire & encourage entrepreneurs to initiate new startups and provide employment opportunities in the State.

As notified by the State Government under the provisions of its Haryana Enterprises and Employment Policy 2020, the “Scheme for Assistance for Startups in the State” provides financial help in the form of lease rental subsidy up to Rs 5 lakh, seed grant of up to Rs 10 lakh, 100 percent net SGST reimbursement for 7 years among other incentives to improve startups-ecosystem in the Haryana.

About Financial Assistance Scheme:

Under this scheme, the Government will provide seed-grant of up to Rs 10 lakh per startup for 100 startups in ‘A’ category blocks, 200 startups for ‘B’ category blocks, 300 startups for ‘C’ category blocks, and 400 startups for ‘D’ category blocks in the state.

A five-member committee of the Haryana Government under the Administrative Secretary, Department of Industries and Commerce, would be the final authority on idea selection for a seed grant.

The reimbursement, for general, about 30 percent of lease rental subsidy and 45 percent for startups with only women founders for a period of one year up to Rs 5 lakh will also be provided. The state government has decided to provide an interest subsidy of 8 percent, a maximum of up to Rs 20 lakh per year for a period of 5 years to the startup registered in the state.

Financial assistance of up to Rs 2.5 lakh will also be provided to the startups to attend national acceleration programs and Rs 5 lakh for international acceleration programs.

Additionally, among other incentives under the scheme include 100 percent net SGST reimbursement for seven years with a cap of 150 percent FCI ( fixed capital investment) and 100 percent reimbursement of expenses caused for cloud computing/ storage on Haryana-based Data Centres for up to Rs 1 lakh per startup per annum for a period of three years.

With the aim to further strengthen the entire ecosystem for startups promotions in the State, the Government has decided that the Director or Director General, Micro, Small, and Medium Enterprises, (competent authority) shall sanction the subsidy within 30 days from the date of completion of the claim.

A letter of approval would be given in 45 days, as per the time limit set for service delivery, a letter of sanction in seven days, and subsidy disbursement in seven days to the startups.

For getting the financial incentives from the State Government, the startup units that have filed Udhyam Registration Certificate (URC) and Haryana Udhyam Memorandum (HUM) shall be eligible under the scheme.

Last year, State Government has launched Haryana Enterprises and Employment Policy 2020 aimed at generating 5 lakh jobs, attracting investments over Rs 1 lakh crore, doubling the exports to Rs 2 lakh crore, and strengthening supply chain facilities and infrastructure across 22 districts.

Like this article?

Hey! I am Shivam Dwivedi. Did you liked this article and have suggestions to improve this article? Mail me your suggestions and feedback.

Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters