(MENAFN - KNN India) Bihar Industries Dept short lists 53 ventures under start-up policy
Patna, Apr 23 (KNN) The Bihar Industries Department has selected as many as 53 ventures that it will hand-hold under the start-up policy.
The state government also launched an upgraded website through which the prospecting entrepreneurs can apply for the scheme.
Chief Minister Nitish Kumar led Bihar Government had set up a trust with an initial corpus of Rs 500 crore to act as the nodal agency for implementation of the Bihar Start-up Policy 2017, which will be operational for five years.
The State Industries Minister Jai Kumar Singh revealed that out of 4,635 applications received, 931 were shortlisted and 53 have been certified.
The state government has roped in institutions to act as "incubators" for the start-ups.
Some of the incubators are Bihar Industries Association, the Chandragupta Institute of Management, Patna, NIT-Patna, and NIFT.
Singh said the department will also provide mentors for the start-ups to guide them and provide strategic support.
The industries department has sanctioned Rs 50 crore to the start up as venture fund. Each start-up will get a seed grant up to Rs 10 lakh as interest-free loan for 10 years.