Haryana is the home land of various new age entrepreneurs and is birth place of the many successful business magnets and large industrial houses of India.
Gurugram, the IT city of Haryana, has evolved as a technology startup hub of India and has nurtured many successful startups, which now have become big brands. Haryana’s economic growth has been exemplary and despite being geographically small, its contribution to the national economy is significant at nearly 3.5 percent of the GDP. While the State economy is home to a strong manufacturing sector, it is maturing at a fast pace with the Services and IT sectors gaining ground, making Haryana well poised to initiate the startup revolution.
The Government of Haryana has developed an Entrepreneurship and Startup Policy 2017 for providing assistance to startups and innovation. The core objective of this policy is to provide distinct levels of government support at every stage and to create a holistic and sustainable ecosystem.
Pillars of the Startup Haryana Policy
Given below are the components of the policy
- Infrastructure Augmentation
- Fiscal Support
- Fund of Fund
- Regulatory easing
- Student entrepreneurship
Startup means an entity (Private, Public, Proprietary, Partnership Firm), incorporated in India
- As a private limited company (as defined in the Companies Act, 2013) or registered as a Partnership firm (registered under Section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India
- Not prior to seven years and in the case of Biotechnology Companies this period shall be up to 10 years
- With annual turnover not exceeding INR 25 crore in any preceding financial year
- Working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation
- Location: The company/entity be registered in Haryana under the Haryana Shops and Commercial Establishment Act, 1958
- Employment: The company employs at least 50 (fifty) per cent of its total qualified workforce in Haryana, which shall not include contract employees.
- If the company is found guilty on any charges of fraud or if the company is found to have made any false declarations to claim any benefits from or derived under this policy. Legal action shall be initiated to recover all financial assistance provided to such an entity.
- Once an entity ceases to be recognized as a start-up; the Government or entity through which the Government makes its investment will be eligible to exit its investment in the start-up and guidelines for exit will be framed for channelizing investments into the startup