
The startup policy in Chandigarh has been in the works since 2018, but it has not been finalized even after five years. Despite the central government extending tax benefits for startups until March 2025 in the interim budget, the Chandigarh administration has not made progress on its startup policy. Although the draft was expected to be rolled out within a month after being close to completion in October last year, there has been no advancement after three months. Under the Startup India initiative, the Union government has provided tax rebates for startups, and the eligibility has been extended in the interim budget. The Chandigarh administration, which started drafting the policy in 2018, has missed multiple deadlines due to various uncertainties. The proposed policy includes provisions for early-stage financing, interest-free loans, mentors, co-working spaces, and incubators for startups. The administration also aims to assist entrepreneurs in obtaining registrations, certificates, financial organization, labor management, environmental clearances, and navigating bureaucratic regulations. Despite having a final presentation ready, the implementation of the policy is pending, awaiting the appointment of a new UT adviser. The Union finance minister announced a corpus of ₹1 lakh crore in the interim budget to promote technological innovation, providing interest-free loans for long-term financing or refinancing with low or nil interest rates. Chandigarh currently has 335 recognized startups under the Startup India initiative, but the dedicated startup policy is yet to be enforced by the UT administration, five years after its conceptualization.
コメント