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Tamil Nadu unveils ambitious Startup Policy 2023
Industry News- Sep 21,23
Chief Minister M K Stalin officially launched the policy, which boasts 50 key action points, at the Secretariat. The primary objective is to align with the state government's ambitious goal of achieving a $1 trillion economy by 2030.
Tamil Nadu unveiled its revamped Start-up and Innovation Policy for 2023, designed to propel the state to a leadership position within the start-up ecosystem, according to government officials. Chief Minister M K Stalin officially launched the policy, which boasts 50 key action points, at the Secretariat. The primary objective is to align with the state government's ambitious goal of achieving a $1 trillion economy by 2030.
This revised policy was prompted by the significant increase in the number of registered startups in Tamil Nadu, which, as of September 2023, exceeded 7,000 and attracted substantial venture capital investments. Effective from 2023 to 2028, the policy is poised to serve as a catalyst for the rapid growth and expansion of startups, ultimately contributing to the state's GDP.
The central focus of the policy framework is to foster an inclusive ecosystem that promotes innovation and entrepreneurship, thereby transforming Tamil Nadu into a land of abundant opportunities.
Tamil Nadu has cultivated a dynamic start-up ecosystem that nurtures social entrepreneurship. Notably, Chennai and Coimbatore are listed among the top 400 start-up cities globally in the Blink start-up Ecosystem Report of 2022. Chennai also holds the distinction of being the country's fourth-largest start-up hub in the Indian start-ups Ecosystem Report of the same year. Additionally, emerging hubs in the state include Coimbatore, Madurai, Tiruchirappalli, Salem, and Vellore.
The policy envisions positioning Tamil Nadu among the top 20 global start-up destinations by 2032, as per internationally recognised criteria. This vision aims to facilitate groundbreaking innovation, wealth creation, and the establishment of a supportive start-up ecosystem.
Tamil Nadu's ultimate aspiration is to facilitate the creation of 15,000 start-ups across diverse sectors and regions within the state, ultimately becoming one of the top three start-up ecosystems in the country.
According to the policy, StartupTN will function as the state's nodal agency responsible for promoting start-up and innovation activities. A dedicated team led by a mission director, serving as the nodal officer, will oversee the implementation of the various initiatives outlined in the policy.
Furthermore, the government plans to establish an advisory board to ensure the successful execution of the policy. This board will comprise leaders from prospective startups, investors, mentors, incubation managers, domain experts, government officials, media representatives, industry forums, and corporate entities, among others. The board will convene biannually to review policy outcomes and propose evolving strategies as needed.
Source: Business Standard
Tamil Nadu
Startup Policy 2023
1 Trillion Economy
Registered Startups
Venture Capital
Nodal Agency
Advisory Board
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