The Jammu and Kashmir administration will notify the new Startup Policy 2023 by the next month, said Lieutenant Governor Manoj Sinha during the valedictory session of the J&K Startup Conclave 2023 held in Srinagar.
The Lieutenant Governor applauded the efforts of the Department of Industries and Commerce, J&K, for successfully organizing the conclave, which marked the first event of its kind in association with various stakeholders and startups from the region.
According to a PTI report, The policy is expected to serve as a blueprint for nurturing innovation, facilitating job creation, and steering economic growth in the union territory.
The policy targets untapped sectors
The report said that the new policy will facilitate the growth of numerous untapped sectors within J&K.
The policy also includes the provision of seed funding, where startups recognized by the J&K government will receive one-time assistance of up to Rs 20 lakh, disbursed in four equal instalments.
Furthermore, the government plans to offer a capital grant to assist in the establishment and expansion of incubator and accelerator infrastructure within the region, with financial assistance reaching up to Rs 50 lakh per incubator. Sinha remarked, “Our prime objective is to ensure there is at least one incubator in every district.”
Comprehensive startup assistance programme
Under the comprehensive Startup Assistance Programme, young and budding entrepreneurs can look forward to receiving substantial support and mentorship. The Lieutenant Governor shared the administration’s vision of collaborating with Startup India, angel investor networks, financial institutions, and premier institutes to foster a vibrant startup ecosystem in the region.
Sinha announced the allocation of 11,200 sqft of carpet area at competitive prices at Rangreth, specifically for IT, ITES, and Tech Startup sectors. Additionally, surplus spaces at JKEDI will be made available to startups. He emphasized that J&K offers a plethora of resources and opportunities, making it an ideal destination for entrepreneurs aiming to pioneer in the global market.
Sinha assured the administration’s unwavering commitment to providing assistance and guidance to potential startups and budding entrepreneurs. He acknowledged the vital role of young entrepreneurs in shaping an innovation-driven economy and highlighted the abundant opportunities that J&K offers, ranging from rural economy advancements to smart mobility solutions.