New Innovation & Startup Policy (4.0) aims to generate 1 lakh jobs, establish Andhra as a global innovation hub with the Ratan Tata Innovation Hub at its core.
Visakhapatnam: The Andhra government has set an ambitious target to create 20,000 startups and generate at least 1 lakh jobs within the next five years through its newly introduced Andhra Pradesh Innovation and Startup Policy (4.0) for the period 2024-2029. The initiative aims to establish the state as a global hub for innovation, entrepreneurship, and incubation.
Central to this policy is the "hub-and-spoke" model, with the Ratan Tata Innovation Hub (RTIH) in Amaravati serving as the nucleus. It will be supported by five regional spoke centres in Visakhapatnam, Rajahmundry, Vijayawada, Tirupati, and Anantapur. These centres will provide incubation, mentorship, funding assistance, and cutting-edge infrastructure to support startups at the grassroots level.
The policy’s vision aligns with global trends, focusing on emerging technologies such as artificial intelligence (AI), blockchain, extended reality, and climate technology. Financial incentives such as startup grants, interest subsidies, and rental reimbursements for co-working spaces will nurture startups and promote inclusivity. Special grants will be provided to women, minorities, and entrepreneurs with disabilities.
Additionally, the “AP Startup One” digital portal will provide a single-window interface for startups to access resources, mentorship, and funding opportunities while facilitating grievance redressal and offering real-time updates. This digital infrastructure ensures smoother operations for budding entrepreneurs.
The state also plans to establish or expand 10 Centres of Excellence (CoEs) in areas such as deep tech, health tech, and advanced manufacturing, further bolstering innovation and research. Outreach programs, boot camps, and hackathons will encourage students, innovators, and grassroots entrepreneurs to participate actively in the ecosystem.
With this policy, Andhra Pradesh aims to foster a dynamic entrepreneurial environment that will not only drive economic growth but will also promote inclusivity, sustainability, and global competitiveness.
