Guwahati: Meghalaya was one of three states to receive the “Best Performer” honour in the National Startup Rankings-2021 along with Gujarat and Karnataka.
Union Minister of Commerce and Industry Piyush Goyal announced the findings of the third edition of the ranking system of states based on their support to start-up ecosystem in a ceremony held in Delhi.
At least 24 states and union territories took part in the exercise which had 26 action points and seven reform areas. The states were divided into five groups: top performers, leaders, up-and-coming leaders, and growing startup ecosystem.
Speaking about the recognition, a Meghalayan official from the planning department said the government had started the “PRIME” programme, or Promotion and Incubation of Market Driven Enterprises, in January 2020 to hasten the development of an ecosystem for the support of entrepreneurship in the state.
According to the official, the programme reflects Chief Minister Conrad Sangma’s objective of making entrepreneurship the go-to method of earning a living in Meghalaya by giving entrepreneurs a platform and possibilities.
Under the programme, 100 ambitious business owners are chosen via an annual open chief minister’s e-Championship Challenge.
Through a network of PRIME hubs, they are given coaching, incubation, and logistical and infrastructure assistance once they are on board.
Since access to formal financial institutions is still difficult in the state, the initiative has included a number of funding channels to assist entrepreneurs in getting started capital as well as credit or loans when they are needed.
Under this initiative, select entrepreneurs receive grants of up to Rs 5 lakhs for product research and development and related operations.
In addition, they receive 25 lakhs of rupees in interest-free loans to help them expand their business.
Around 1,300 entrepreneurs have benefited from the various programme components, such as co-working spaces and training, while over 210 have won capital for their businesses.
The representative also emphasised that women make up about 60% of the program’s recipients.