Startups in Rajasthan: The Rajasthan government in a release on Friday announced the approval of a financial proposal of Rs 52.26 crores by Chief Minister Ashok Gehlot for the establishment of an iStart Innovation School Hub to support the growth of the startup ecosystem in the state.
The release by the Chief Minister’s Office stated that the iStart Innovation School Hub will be developed on the lines of Fintech Digital University, Jodhpur, and Bhama Shah Data Center and E-Governance Center building of Jaipur. The establishment of the Innovation Hub will be monitored by the Department of Information Technology and Communication.
The school was proposed in the state budget of FY24. The Innovation School will provide an ecosystem for startups and create jobs for the youth.
Meanwhile, the government currently runs the iStart Rajasthan programme to promote entrepreneurship and innovation in rural Rajasthan and transform agriculture and rural development in the state. So far, the government has supported 4,000 startups and invested Rs 716 crores under the programme. It has helped create over 29,000 job opportunities, according to the programme’s details.
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The startups under the programme are supported by two state-owned incubation centres and other private incubators.
As of April 30, 2023, Rajasthan had 3,290 DPIIT-recognised startups according to the Ministry of Commerce and Industry data. As of today, Rajasthan has the fifth highest density of Udyam registered MSMEs with 13.96 lakh units.
Recently in March 2023, the state assembly of Rajasthan passed the Rajasthan Micro, Small, and Medium Enterprises (Facilitation of Establishment and Operations) (Amendment) Bill, 2023. The Act allows individuals planning to establish an MSME to submit a declaration of their intent to the Bureau of Investment Promotion for a five-year exemption from the need to seek specific regulatory approvals and associated inspections from the earlier three years.