J&K’s new Startup Policy 2023 to be notified by October: LG

Addresses valedictory session of J&K Startup Conclave in Srinagar
J&K’s new Startup Policy 2023 to be notified by October: LG
Photo: Jammu and Kashmir Information Department

Srinagar, Sep 16: Lieutenant Governor ManojSinha Saturday said that Jammu and Kashmir’s new Startup Policy 2023 would be notified by next month.

An official spokesman in a statement issued here said that addressing the valedictory session of J&K Startup Conclave 2023 in Srinagar, the LG announced that the J&K administration had drafted a new Startup Policy 2023 for J&K which would be notified by next month.

He congratulated the Department of Industries and Commerce J&K for organising the first of its kind conclave in collaboration with other stakeholders and startups from J&K.

Sinha said that the new policy would provide a roadmap for nurturing innovation, creating jobs, and driving economic growth.

“It will ensure market access, suitable infrastructure and all the assistance and help to entrepreneurs in their journey, he said.

The LG said that the J&K Startup Policy would also facilitate the growth of many cutting-edge sectors for J&K, which are still untapped.

“For the seed funding, a one-time assistance up to Rs 20 lakh in four equal installments will be provided to startups recognised by the J&K government, he said.

Sinha said that the government would also provide a capital grant on setting up and scaling up incubator and accelerator infrastructure in J&K with the assistance up to Rs 50 lakh per incubator.

“Our prime objective is to ensure there is at least one incubator in every district,” he said

The LG said that under a comprehensive Startup Assistance Programme, support and mentorship would be provided to the young and budding entrepreneurs.

He also shared the vision of the J&K administration for collaboration with Startup India, angel investor networks, financial institutions, and premier institutes under the programme.

“In our unwavering commitment to fostering innovation and economic growth, we have decided to allocate carpet area of 11,200 sqft built spaces at competitive prices at Rangreth for IT, ITES, and Tech Startup sectors. Also, the surplus spaces at JKEDI will now be made available to Startups,” Sinha said.

He said that the institutionalised interactions between business leaders, experts, policy makers, and academia during the conclave were a crucial part of the strategy of the J&K administration to speedily bring about transformation in J&K’s startup ecosystem.

“J&K is offering high-impact entrepreneurship, resources and abundant opportunities to serve the global market. It is the perfect place for any entrepreneur who is in search of the next big thing with the goal of becoming the first mover,” Sinha said.

He assured every possible assistance and handholding to the budding entrepreneurs and potential startups by the administration.

“Young entrepreneurs with new ideas and full of energy are our new heroes. They are developing an entrepreneurial, innovation-based economy and changing the lexicon of success in business ventures. Today, J&K provides the most ambitious environment to realise a great business plan,” the LG said.

He highlighted the major reforms sweeping through J&K in the last few years.

“We have embarked on several historic initiatives in developing our infrastructure and sunrise sectors. Earnest efforts are also being made to tap the potential of rich natural resources available here in abundance to bring prosperity in the lives of the people,” Sinha said.

He said that from rural economy to smart mobility, J&K was full of possibilities and offering opportunity of a lifetime.

The LG called upon every section of the society to play their important role in realising the vision of ‘Viksit Bharat’ and ‘Viksit J&K’.

“It is our collective responsibility to ensure peace and stability in J&K,” he said.

Sinha also highlighted the reforms introduced to make the administrative system more transparent and accountable.

“We have ensured maximum use of technology to minimise human interface. More than 1000 services have been made on-line and many linked with auto escalation mode with a provision of financial penalty for any delay. It is also being ensured that all government appointments are made on merit only,” he said.

During the conclave, sessions were held by experts from various parts of the country.

Commissioner Secretary Industries and Commerce, Vikramjit Singh and Divisional Commissioner Kashmir, Vijay Kumar Bidhuriwere also present on the occasion.

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