India is one of the nations around the globe with the quickest economic growth. It is renowned for its construction and infrastructure. In order to keep this development smooth inside the country, the Bihar government has established a Bihar Startup Policy for its residents in order to make the state a developed one and to offer possibilities to new startups in order to maintain this development’s smooth operation inside the state. In this article, we will learn about the importance, benefits, and features of the scheme and its registration process.
Bihar Startup Policy 2023
- In the month of July 2022, Syed Shahnawaz Hussain, the state of Bihar’s industry minister, introduced the Bihar Startup Policy.
- The goal of the policy is to encourage entrepreneurship in Bihar. This new startup policy’s main goal is to hasten the expansion of Bihar’s MSMEs industry.
- The handloom industry, the apparel industry, the handicrafts sector, industries related to the welfare of communities, etc. would be the emphasis of this policy.
- Any young person or individual would receive a money of Rs. 10 lakh as part of the scheme, and it will be interest-free for 10 years.
- Additionally, the firm will get an extra 3 lakh rupees if it chooses to participate in any acceleration projects.
- If the business makes a profit after obtaining investment from angel investors.
- Once an individual has received cash from an angel investor, they are then able to obtain more capital.
- If necessary, counselling, training, and marketing support will also be provided in line with the programme.
- Women entrepreneurs who fall under the sc/st categories will receive 15 more, which means that if a typical woman entrepreneur earns 10 lakhs, she will gain an additional 11 lakhs, which in this case is more.
Bihar Startup Policy 2023 Overview
| Name of the Policy | Bihar Startup Policy 2023 |
| Introduced by | The Industrial Ministry of Bihar |
| State | Bihar |
| Beneficiaries | Citizens of Bihar |
| Objective | Entrepreneurship |
| Website | https://startup.indbih.com |
Benefits and importance of Bihar Startup Policy 2023
The Main Benefits and Importance are as
- The startup policy for Bihar was introduced in August 2022 to encourage business in the state.
- A 10 lakh loan with no interest for ten years would be given to young business people in Bihar. According to the Bihar Startup Policy 2023, this amount would be given out as startup money.
- In addition to a grant of 3 lakh rupees, enterprises who take part in “rigorous training for product improvement and financing” would get increased incentives of 5 percent for female entrepreneurs.
- There are financial incentives and other perks offered in addition to the shared office space.
- built a startup platform for young entrepreneurs in the state of Bihar who are interested in utilising the policies and initiatives at their disposal.
Objectives and Features of Bihar Startup Policy 2023
The Main Objectives and Features are as
- This startup policy’s main goal is to hasten the expansion of Bihar’s MSMEs industry. It attempts to increase Bihar’s level of entrepreneurship.
- In addition to helping with start-up capital, this plan will also offer cash incentives and other helpful facilities throughout the first term to aid and support. These strategies will enhance the number of startups in the Bihar economy.
- The minister announced during the policy’s launch meeting that the seed money will begin next month, in September, and applicants will begin to profit from them as soon as possible.
Documents Required of Bihar Startup Policy 2023
The required documents for the Bihar Startup Policy is
- Authentic Email ID
- Aadhar-linked mobile number
- passport-size picture
- Pan card
- Aadhar card
- certificate of caste
- educational background Certificate of Entity Proof
Registration Process of Bihar Startup Policy 2023
The step by step Registration process are as
- Visit the Official Website of Portal Click Here
- Now choose the register option from the homepage.
- The screen will change to a new page and Proceed after carefully reading the directions.
- Following that, you’ll see an application format in both Hindi and English.
- Choose an application format to download.
- The registration form will then show up on the screen.
- Fill out the application form with your information.
- Click the submit button after carefully reviewing the information.
- Your registration will go through without a hitch.
- The application form should be printed out.
Login Process of Bihar Startup Policy 2023
The step by step login process are as
- Visit the Official Website of Portal Click Here
- The screen will show the home page.
- Select the login option from the homepage now.
- On the screen, the updated login form will show.
- In the application form, enter the email address and password.
- Select the login link.