In a significant move to fuel the city's entrepreneurial ecosystem, the Empowered Committee for the Chandigarh Startup Policy has given its formal approval to the policy's operational guidelines. The committee, chaired by UT Adviser Rajeev Verma, also cleared the creation of a dedicated ₹25 crore fund to support the initiative's implementation.
Key Approvals and Financial Backing
The meeting, held at the UT Secretariat, marked a crucial step in transforming the policy framework into actionable support for startups. The approved guidelines will serve as the rulebook for administering benefits under the Chandigarh Startup Policy. The substantial ₹25 crore corpus is earmarked for providing financial assistance, incentives, and other forms of support to eligible startups registered within the Union Territory.
Senior officials present at the meeting included the Finance Secretary, the Secretary of Science and Technology, and the Director of Industries. Their collective presence underscored the administration's multi-departmental commitment to fostering a conducive environment for new business ventures.
Objectives and Expected Impact
The primary goal of the Chandigarh Startup Policy is to stimulate innovation, promote entrepreneurship, and generate employment opportunities for the city's youth. By formalizing the guidelines, the administration aims to create a transparent and streamlined process for startups to access government support.
The policy is designed to offer a range of benefits, which are expected to include:
- Seed funding and financial grants for early-stage startups.
- Support for patent filing and intellectual property protection.
- Access to subsidized incubation space and infrastructure.
- Mentorship programs connecting entrepreneurs with industry experts.
- Simplified regulatory processes and compliance assistance.
This structured approach is anticipated to position Chandigarh as a more attractive and competitive hub for innovators, complementing its existing reputation as an educational and IT center.
Next Steps for Aspiring Entrepreneurs
With the guidelines now in place, the Chandigarh administration is poised to begin the active rollout of the policy. The Industries Department will be the nodal agency responsible for its execution. Startups operating in sectors like information technology, biotechnology, green energy, manufacturing, and social enterprise are likely to be key beneficiaries.
Prospective entrepreneurs and existing early-stage companies should monitor official channels for the launch of the application portal and detailed eligibility criteria. The establishment of the ₹25 crore fund provides a concrete financial foundation, ensuring that approved startups can receive timely support to scale their operations.
This development is seen as a direct response to the growing demand for institutional backing in the region's startup landscape. It aligns with broader national initiatives like 'Startup India' while addressing local economic and employment objectives. The successful implementation of these guidelines could catalyze a new wave of innovation-led growth in Chandigarh.
