Bihar Deputy Chief Minister Sushil Modi urged IIT students to do new researches in the field of education, health, and agriculture so that they can solve problems of these areas under ‘Solve for Bihar’ and ‘SOLVE FOR INDIA’ scheme. He also announced a reservation of 10 per cent to the start-ups while addressing the ‘Startup Master Class’ program organized at Bihta Campus of IIT Patna. He said that India is ready for the fourth industrial revolution, in which the start-up of IIT Patna should have a big role.
Two-day startup master class at IIT Patna
500 crore funds have been made in the startup policy-2013 of Bihar. Interest-free loan of up to Rs. 10 lakhs will be provided for each startup for 10 years. The Deputy Chief Minister said that 10 percent of the seats will be reserved for startup in SME cluster and hub and free of cost for 3 years as well as license under various Acts will also be given 5 years grace.
As per the startup policy, till date, Rs. 1.88 crores have been paid for the validation of 57 certified startups. After review of 5,442 applications, 931 applicants have been involved with 15 incubator institutions including IIT Patna.