Bhubaneswar: The Odisha cabinet headed by Chief Minister Naveen Patnaik on Tuesday approved the Startup Policy 2016 targeting to set up 1000 startups in next five years.
The policy aims to usher in an innovation and startup ecosystem through the creation of world-class incubation centres, funding and a supporting incentive structure at par with other states of the country.
The state government envisages to make Odisha amongst top three startup hubs in India by 2020.
The government would set up a Startup Capital Infrastructure Fund up to Rs 25 crore. Besides, it would participate in the private state specific funds for startups to set up operations in the state.
Chief Minister Naveen Patnaik would unveil the Startup Policy 2016 at the Invest Odisha Meet to be held in Bengaluru on August 16.