Tripura allocates Rs 50 crore for 101 startups under startup policy 2024

The state government has approved a budget worth Rs 50 Crores to extend support to 101 startups during the Tripura Startup Policy-2024 which is set to be formally launched on January 24 at Pragya Bhavan in Agartala by Chief Minister Professor (Dr.) Manik Saha. 

The announcement was made by Information and Technology Minister Pranajit Singha Roy during a press conference held at the Secretariat today.

Highlighting the journey of the state’s startup ecosystem, the Minister shared that the Tripura IT/ITES Startup Policy was initially launched in 2019 with a validity until March 31, 2024. 

“The policy aimed to create a supportive environment for IT/ITES-based startups in the state, fostering innovation and entrepreneurship. Under the 2019 policy, 26 IT-based startups were registered and provided incentives exceeding Rs. 1 crore, leading to the creation of approximately 130 jobs. 

Presently, 127 startups from Tripura, including the 26 recognized under the IT/ITES Startup Scheme, are registered with the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India. The new Tripura Startup Policy-2024 has been designed to extend support to the remaining 101 startups and to encourage new ventures across a broader range of sectors, beyond IT and ITES”, he said.

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The Minister said that the policy will offer various incentives, including Rs. 20,000 per month towards operating expenses for start-ups, Additional financial support of 10% for women-led startups and 20% for startups led by specially-abled entrepreneurs, Assistance for raw materials, equipment purchase, patents, and marketing.

Minister Singha Roy revealed that a budget of Rs. 50 Crore has been approved for implementing the policy. 

“The new initiative aims to nurture talent and innovation in diverse sectors such as handlooms, handicrafts, horticulture, agro-processing, and health services, thereby generating employment opportunities. The state government has set an ambitious target of facilitating the creation of approximately 200 startups annually under this policy”, he told reporters.

The Finance Minister emphasized the government’s commitment to fostering entrepreneurship and providing a platform for young talents to transform their innovative ideas into successful ventures.

Present at the press conference were Kiran Gitte, Secretary of the Department of Information and Technology, and Jeya Ragul Geshan B., Director of IT department.