Tripura Startup Policy-2024 : Key highlights, likely impact on State startup ecosystem
In an attempt to foster entrepreneurship and innovation, the Government of Tripura is set to launch the much-anticipated Tripura Startup Policy-2024 on January 24 at Pragya Bhavan, Agartala.
The event will be presided over by Chief Minister Professor (Dr.) Manik Saha, with the aim of revitalizing the state’s startup ecosystem. The announcement was made by Information Technology Minister Pranjit Singh Roy during a press conference held at the Secretariat on Wednesday.
The new Startup policy replaces the Tripura IT/ITES Startup Policy 2019, which played a crucial role in nurturing IT/ITES startups in the state.
Under the outgoing policy, 26 IT-focused startups were registered, collectively receiving over Rs 1 crore in incentives and creating employment for approximately 130 individuals.
However, the scope of the new Tripura Startup Policy-2024 has been significantly expanded to encompass both IT and non-IT startups, reflecting a more inclusive and ambitious vision.
Key Highlights of the Policy
The Tripura Startup Policy-2024 introduces a series of benefits designed to provide comprehensive support to startups across various sectors. Notable features include:
Monthly Operational Subsidy: Startups will receive a monthly subsidy of Rs 20,000 to assist with operational expenses.
Special Incentives: Women-led startups will receive an additional 10% incentive, while startups managed by differently-abled individuals will benefit from a 20% incentive.
Budget Allocation: A dedicated fund of Rs 50 crore has been allocated for the policy, covering areas such as procurement of raw materials, machinery, patent registration, and marketing.
Sectoral Focus: The policy encourages entrepreneurship in sectors like handicrafts, handloom, horticulture, agricultural processing, and health services to drive local employment and economic growth.
Anticipated Impact on the Startup Ecosystem
As of now, Tripura is home to 127 startups, 26 of which are IT/ITES-focused and registered with the Department for Promotion of Industry and Internal Trade (DPIIT). The new policy has been crafted with inputs from the remaining 101 startups, ensuring its relevance and practicality across diverse entrepreneurial domains.
Minister Roy expressed optimism about the policy’s potential to transform the startup landscape in Tripura.
“Our goal is to create a vibrant ecosystem that not only retains local talent but also inspires young entrepreneurs to venture into innovative fields. We aim to establish 200 new startups annually, driving employment and fostering self-reliance,” he said.
Government's Commitment to Growth
The press conference was also attended by Kiran Gitte, Secretary of the Department of Information Technology, and Jayaragul Geshan B., Director of the Department.
By extending support to startups in both traditional and emerging industries, the Tripura Startup Policy-2024 is poised to position the state as a hub for innovation and economic progress.
With its ambitious targets and inclusive framework, the policy is expected to empower local entrepreneurs and contribute significantly to Tripura's development trajectory, sources commented.
Exuding optimism, new Gen entrepreneurs of the State opined, the official launch of the Tripura Startup Policy-2024 on January 24 is set to mark a new chapter for the state’s entrepreneurial journey, signaling a robust commitment to sustainable growth and innovation.
(Tripura, Northeast)
You can share this post!
Recent News
