The Department of Information and Technology in Goa has extended the validity of the Goa Startup Policy, 2017 for the second time as the government was unable to finalise the new policy draft. Now, the schemes and benefits of its existing policy have been stretched for 6 additional months, valid up to September 27, 2021. The notification regarding the policy extension is expected to be issued shortly, read reports.
Young entrepreneurs need to wait for Goa Startup Policy 2021
The Goa Startup Policy 2017 first lapsed in September 2020 and was extended until March 27, 2021. During this time, the state government was expected to finalise the draft of the new Startup Policy 2021. However, the startup promotion cell director and director for information and technology recently stated that Policy 2017 has now been extended for a brief period from March 28, 2021, to September 28, 2021.
The Startup Promotion Cell (SPC) has carried out significant work on the draft of the new policy with the learnings acquired from a discussion with the local startups and startup ecosystem stakeholders. Inputs were also sought from the Centre's Department for Promotion of Industry and Internal Trade (DPIIT).
Reportedly, the Startup Policy 2021, in making, is more inclusive, covering non-IT cells also and this delay will affect new and budding entrepreneurs, especially women, who were counting on the new scheme. The current policy offers 14 incentives and the SPC has received as many as 77 applications from new ventures for the same. A maximum of 68 companies have applied for 3 scheme while 9 opted for 5 schemes. No application has appealed for the remaining 6 schemes.
Startup Policy 2021 to be a game-changer
The Start-Up policy 2021aims to completely change the definition of a startup from the existing cut off of Rs 25 crore annual turnover to Rs 100 crore annual turnover. The IT department too vision to include more tech firms under the expanded reach of the new policy, which will replace the Goa Startup Policy 2017.
As per reports, the new policy will be a game-changer as it targets to create at least 500 innovative, technology-enabled startups over the next three years, which should potentially create employment for at least 6,000 locals.