Madhya Pradesh youth to get interest free loans up 10 lakh to Start Up

Bhopal, October 2: Madhya Pradesh Chief Minister Shivraj Singh Chouhan announced that the youth of the state will be given loan up to 10 Lakh without interest as seed capital for starting up their entrepreneurial journey.

While speaking at the Startup Conclave held on September 29 in Bhopal, Chouhan said that changes will be made in policies and arrangements will be made so that the government can purchase though start-ups for up to 30 Lakh without tender.

Other key points highlighted during the conclave were:

• An Innovation Council will be formed in the state with an aim to make the state an entrepreneur network
  
  
• Incubation centres are being set up in all seven smart cities of the state – Bhopal, Indore, Ujjain, Gwalior, Jabalpur, Satna, and Sagar
  
  
• Incubation centres on Public-private partnership (PPP) model will be operating in certain selected colleges
  
  
• Aventure capital fund has been created to support the innovative ideas brought in by the people

The current announcement will also be linked with the Mukhya Mantri Yuva Udyami Yojana. The initiative was introduced by Madhya Pradesh government in 2014 in order to help spread the entrepreneurial culture among the youth and engage them in gainful employment.

Recently, in September 2018, the Kerala government had also announced a similar initiative where it increased the cap on direct purchase of software products, services and mobile app from the ventures cleared by the Kerala Startup Mission (KSUM) from 5 Lakh to 20 lakh.