Jammu and Kashmir to notify new startup policy by next month, says Lt Gov

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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.

Sinha emphasized that the policy would guarantee market access, appropriate infrastructure, and comprehensive support to entrepreneurs throughout their business journey. 

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.

Also Read:

SIDBI refinancing SMEs loans to raise Rs 10,000Cr via rights issue: Report

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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Jammu and Kashmir to notify new startup policy by next month, says Lt Gov

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.

Sinha emphasized that the policy would guarantee market access, appropriate infrastructure, and comprehensive support to entrepreneurs throughout their business journey. 

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.

Also Read:

SIDBI refinancing SMEs loans to raise Rs 10,000Cr via rights issue: Report

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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