RT team
The Uttar Pradesh (UP) government has announced plans to establish a ₹4,000 crore fund aimed at fostering startups and enhancing the state’s innovation ecosystem. This initiative, under the UP Innovation Fund (UPIF), will see contributions from both the state government and investment managers.
Initially, the state allocated ₹400 crore to startups two years ago, with investment managers committing ₹1,200–₹3,600 crore. Now, Chief Minister Yogi Adityanath has proposed equal contributions from both parties to build a ₹4,000 crore corpus.
“This fund will accelerate innovation, allowing students to bring their talents and ideas to life,” the CM remarked during a UPIF review meeting. He directed the state’s three technical universities to establish innovation centers, supported by government funding, to promote a robust startup culture.
The initiative includes a comprehensive analysis of global and local market trends to encourage student-driven innovations aligned with current demands. Highlighting the rapid pace of technological advancements, the CM emphasized the need for innovation to stay ahead of global trends.
The plan also includes empowering universities to modernize traditional trades and integrate startups into the business value chain. Collaborations with IITs will further strengthen innovation capabilities.
In the agriculture sector, the government aims to groom 1,000 startups leveraging cutting-edge technologies like AI, in partnership with global organizations such as Google and the World Bank.
These efforts are expected to create a million new jobs in rural areas, empowering UP’s youth and solidifying the state’s position as a hub for innovation and entrepreneurship.
