The government of Uttar Pradesh is set to inject Rs 4,000 crore into the startup corpus of the state. The importance of startups is for employment generation and economic activity. The ‘UP Innovation Fund’ will mandate to provide seed capital to startups with a fresh infusion of capital. IT/ITeS, Education, Software, Medical, Agriculture and E-commerce, are the main benefits sectors.

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On Thursday, UP CM Yogi Adityanath stated that funding was a startup building block. He also mentioned, “to ensure that talented youth in the state do not face paucity of funds to translate their business and social ideas into reality, the state would be starting the UP Innovation Fund.”

About Rs 4,000 crore, the fund will begin, which will be collected through state and private sector contributions, which will start by extending financial aid to startups but will later take the role of a mentor.

The idea of the innovation fund was proposed by the state finance department, which was also presented before the CM in this regard. Besides new funding ideas, CM Yogi directed which will make provisions for existing startups based on or benefitting Uttar Pradesh. Ensure that the candidate’s selection is transparent, fair and time-bound and benefits deserving candidates.

To draft the rules for the utilization of funds. Also, CM Yogi stated that new and unique ideas would help this competitive world. To be patented at the earliest step should be taken to include the innovation of the task.