Prime Minister Narendra Modi launched the Start-Up Policy 2022 in Madhya Pradesh and launched a start-up portal through a video link in the presence of young entrepreneurs here.
The new policy would allow start-ups to get subsidies for rent and salaries of employees.
Modi also interacted with a number of entrepreneurs on this occasion to learn about their start-ups, and advised them about how they could benefit people.
In 2014, there were 300 to 400 start-ups in the country, but in eight years their number has gone up and now there are 70,000 recognised start-ups, the prime minister said.
Chief Minister Shivraj Singh Chouhan spoke at the function in Indore.
The state government will give subsidy to start-ups to rent for the workplace, salaries and product patents under the new policy. An official said there would be a quota for start-ups in government purchases.
If a start-up is working from a rented place, Rs 5,000 per month will be paid for rent. The official said that it would get Rs 5,000 per month per head for salaries of up to 25 employees.