Lieutenant Governor Manoj Sinha announced Saturday that Jammu and Kashmir’s new Startup Policy for 2023 will be introduced next month, in October. During the closing session of the J&K Startup Conclave 2023 in Srinagar, he praised the Department of Industries and Commerce J&K for organizing this unique event in collaboration with local startups and other stakeholders.
The new Startup Policy aims to encourage innovation, generate jobs and boost economic growth as well in the region. It will offer support in terms of market access, suitable infrastructure and assistance to entrepreneurs.
The policy will also focus on nurturing cutting-edge sectors that have yet to be explored in Jammu and Kashmir. Startups recognized by the J&K government will receive one-time seed funding of up to Rs 20 lakh in four equal installments.
Additionally, the government plans to grant up to Rs 50 lakh per incubator for setting up and scaling up incubator and accelerator infrastructure in the region. The LG emphasized the goal of having at least one incubator in each district.
Young entrepreneurs will benefit from a comprehensive Startup Assistance Programme, which includes support and mentorship. The J&K administration envisions collaboration with Startup India, angel investor networks, financial institutions, and premier institutes to further support startups.
The LG stressed the importance of interactions between business leaders, experts, policy makers and academia in speeding up the transformation of Jammu and Kashmir’s startup ecosystem.
J&K is positioning itself as a hub for high-impact entrepreneurship, offering abundant opportunities to serve the global market. The LG assured full assistance and guidance to budding entrepreneurs and potential startups.
He called young entrepreneurs with fresh ideas the “new heroes”. He emphasized their role in developing an entrepreneurial, innovation-based economy. The region has witnessed major reforms in recent years.
