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Bihar: 16 startup projects to be approved today

In 2020-21, only 16 ideas have been approved for startups. Since 2016, 11,000 startup ideas have been initiated, but only 100 were approved.

By Newsd
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Image Credit: Your Story

Over 16 new startup projects, on Thursday, is going to be approved by the Bihar government. The Bihar government is expected to issue a certificate today.

According to the officials, 90 new startup projects were flagged off under the 2016 startup policy by the Bihar government. The first installment has been given to 67 out of 90. The second installment has been given 44 startups. 23 startup infrastructure activities are being created.

According to the reports, 10 among the 16 startups have not demanded money for various reasons. Generally, Rs 10 lakh is given to any startup project by the state government to spend on the infrastructure and other needs associated with his project.

Startup projects in Bihar are tested at three levels. At the first level, the project is screened by the Directorate. The project is then referred to a committee of industrialists or technical testing. In the final level, the project is approved by the SIA(Security Industry Association) Committee of the Department. Thereafter, the projects are financed.

The pace of startup projects in Bihar is still slow. The industry department has given a good budget in advance, but due to lack of idea, the scheme has not been able to grow as expected. A budget of over Rs 50 crore is yet to be allocated. In 2020-21, only 16 ideas have been approved for startups. Since 2016, 11,000 startup ideas have been initiated, but only 100 were approved.

The SIA Committee is yet to approve 70 projects by next month.

“We have proper money, but we lack in new startup ideas”, said Balram Singh, joint director, startup cell.

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