In a significant development for the Union Territory of Jammu and Kashmir, Lieutenant Governor Manoj Sinha announced at the J&K StartUp Conclave 2023 in Srinagar that a new Start-Up Policy for the region is set to be notified next month. This policy aims to pave the way for innovation, job creation, and economic growth in the UT.
Under this forward-looking policy, the Government will offer various forms of support to budding entrepreneurs and start-ups. One of the standout features is a Seed Funding initiative, providing one-time assistance of up to Rs. 20 lakhs in four equal instalments to Government-recognized start-ups.
Additionally, a Capital grant of up to Rs 50 lakhs per incubator will be available for those setting up or scaling up incubator and accelerator infrastructure, with the goal of ensuring at least one incubator in every district.
The policy also emphasizes the importance of mentorship and support for young entrepreneurs and envisions collaboration with Start-up India, angel investor networks, financial institutions, and prestigious institutes.
Moreover, in a bid to foster the growth of IT, ITES, and Tech Startup sectors, the Government will allocate 11,200 sqft of competitively priced built spaces in Rangreth. The surplus spaces at JKEDI will also be made available to start-ups.
Lt Governor Manoj Sinha’s vision for J&K’s start-up ecosystem is clear: to provide the ideal environment for ambitious entrepreneurs to thrive and make J&K a hub for innovation and entrepreneurship. With this new policy, the administration aims to unlock the region’s untapped potential and bring about transformative changes in the UT’s economic landscape. It’s a call for all stakeholders to come together and contribute to the realization of a prosperous and developed Jammu and Kashmir.
Vipul Mahajan
Gandhi Nagar
Jammu
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