The Lieutenant Governor of Jammu and Kashmir, Manoj Sinha, has announced the forthcoming notification of a new startup policy aimed at nurturing innovation, generating employment, and driving economic growth in the region. Speaking during the concluding session of the J&K Startup Conclave 2023 in Srinagar, Sinha revealed that the Union Territory (UT) administration has drafted the Startup Policy 2023 for Jammu and Kashmir, which is set to be officially notified next month.
This new policy is envisioned to provide a comprehensive roadmap to foster innovation, job creation, and economic progress while ensuring market access, adequate infrastructure, and full support for entrepreneurs on their journey.
The J&K startup policy will also facilitate the growth of untapped cutting-edge sectors in the UT. Startups recognized by the J&K government will receive one-time seed funding assistance of up to Rs 20 lakh disbursed in four equal installments.
Additionally, the government will grant capital assistance to establish or scale up incubator and accelerator infrastructure in the UT, providing up to Rs 50 lakh per incubator. The primary objective is to ensure the presence of at least one incubator in every district, according to Sinha.
The Lieutenant Governor emphasized that a comprehensive startup assistance program would be launched to offer support and mentorship to young and aspiring entrepreneurs. He also outlined plans for collaboration with Startup India, angel investor networks, financial institutions, and leading institutes.
Sinha highlighted the allocation of a carpet area of 11,200 sq.ft. at competitive prices in Rangreth for IT, ITES, and tech startup sectors, in addition to making surplus spaces at JKEDI available for startups. He underscored the importance of institutionalized interactions among business leaders, experts, policymakers, and academia to expedite the transformation of Jammu and Kashmir’s startup ecosystem.
Sinha concluded by describing Jammu and Kashmir as an ideal location for high-impact entrepreneurship, abundant opportunities to serve the global market, and the potential for groundbreaking initiatives. He reassured that the administration would provide every possible assistance and support to budding entrepreneurs and potential startups.
