The State government on Monday announced the AP Innovation & Startup Policy (4.0) 2024 -2029, aimed at creating 20,000 new startups in the next five years and at least one lakh employment thereof.
The policy is also intended to support formation of 20 Soonicorns and 10 Unicorns, and facilitate establishment or expansion of 10 Centers of Excellence in Deeptech, blockchain and decentralized systems, Extended Reality (XR), including virtual reality and augmented reality, Internet of Things, quantum computing, climate technology, healthtech, biotech, life sciences and medtech, advanced manufacturing, including 3D printing, robotics, and nanotechnology, automotive, and cybersecurity & cloud computing. A G.O. to that effect was issued by Secretary (IT, Electronics, and Communications) Katamneni Bhaskar.
The policy noted that A.P. has been consistently at the forefront of innovation by drawing inspiration from both national and global best practices to create a thriving startup ecosystem.
In 2014, A.P. set a precedent for the country by introducing India’s first Startup and Innovation Policy, and the A.P. Information Technology Policy – 2021-24, which provided various support and incentives to the startups, lapsed on September 30, 2024.
The latest policy has been brought to address new challenges and seize the opportunities presented by advancements in technology, market dynamics, and the evolving needs of startup entrepreneurs.
As of December 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) recognized 1.50 lakh startups in India, which was 120% CAGR in the number of startups since 2015. Almost 50% of the recognized startups are based out of Tier-2 and Tier-3 cities.
In the last five years, A.P. had 6,600 startups, of which 2,400 are registered with the DPIIT. According to the 2022 State Startup Ranking adjudged by DPIIT, A.P. has been categorized as a ‘leader’, which indicated the State’s commitment to working towards building an effective startup ecosystem.
Published – March 24, 2025 03:57 pm IST
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