Innovation is the process of introducing new or making changes with updated technology, large and small, radical and incremental, processes and services that results in employment and improvement of country economy. So Industries Commissionerate under Gujarat government has brought new initiatives in order to provide financial assistance to individuals for their startups and innovations. The scheme will be active for 5 years from 1st January 2015 to 31st December 2019.
- Any individual/group of individuals having innovative idea.
- Universities/Educational Institutions, Incubation Centers/PSUs/R&D Institutions/Private and other institutions will be eligible as institutions to support innovators as approved by the Committee.
- Institution will provide mentor services and allow innovators to use facilities available in institution for start up.
- 10,000 per month will be provided to the innovator as sustenance allowance for one year whose project is approved by the committee.
- Up to Rs. 5 Lakhs assistance will be provided to the institution for mentoring service.
- Up to Rs. 10 Lakhs assistance will be provided to the innovator for cost of raw materials and other equipment required for start up.
- Once the idea gets commercialized, marketing assistance of up to Rs. 10 Lakhs will be provided for the introduction of product in the market.
- The eligible unit will be allowed reimbursement to the extent of 80% of the net VAT excluding the following: (a) additional tax (b) reduction of ITC, for the period of 5 years or completion of limit of 70% capital investment whichever is earlier.
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