Madhya Pradesh government will be investing ₹450 crores for the construction of a startup park in Indore. The business park will be built on a 20-acre piece of land on the Super Corridor. The plan for this project has surfaced right before the launch of Madhya Pradesh’s startup policy on May 13. The startup park is expected to accommodate the ever-growing number of startups in the city.
Indore Development Authority (IDA) is responsible for giving out tenders for architectural consultations and master planning for which concerned departments have been sent invitations. The 20 acre land will be utilised for the development of a multi-storeyed complex equipped with amenities fit for offices. These office spaces will then be leased by IDA to different companies. A fixed price will be quoted for the lease.
The launch of the state’s startup policy will entail a lot of financial support for new ventures in Indore. This will ensure their operations with lesser challenges. There are already several business parks established throughout the city but with more and more startups emerging, spaces like the upcoming startup park will be a necessity.
The policy that is yet to be launched will help these entrepreneurs with some portion of the rent, discounted electricity, etc. for the first few years of their startup’s life. The state’s efforts in this area of development will push Indore up in the list of the top cities for developing a startup-friendly ecosystem.