Lt. Governor Manoj Sinha Announces New Start-Up Policy at J&K StartUp Conclave 2023

Lt. Governor Manoj Sinha Announces New Start-Up Policy at J&K StartUp Conclave 2023

VoM News Desk | September 17, 2023 | 07:13 AM IST | Jammu Kashmir, Politics | Follow on Google News

Lt. Governor Manoj Sinha Announces New Start-Up Policy at J&K StartUp Conclave 2023. Image/Daily Excelsior

Driving Economic Growth and Innovation in Jammu and Kashmir

Lieutenant Governor Manoj Sinha addressed the valedictory session of the J&K StartUp Conclave 2023 in Srinagar, where he commended the Department of Industries and Commerce J&K for organizing this pioneering conclave in collaboration with stakeholders and local startups. During his address, Lt. Governor Sinha announced the forthcoming J&K Start-Up Policy 2023, set to be officially notified next month.

According to Lt. Governor Sinha, the new policy is designed to provide a strategic framework for nurturing innovation, generating employment opportunities, and propelling economic growth in the region. It aims to facilitate market access, offer suitable infrastructure, and extend comprehensive support to entrepreneurs on their journey.

Under the new policy, J&K Start-Up Policy, a one-time assistance of up to Rs. 20 lakhs in four equal installments will be provided as Seed Funding to startups recognized by the J&K Government. Additionally, a capital grant of up to Rs. 50 lakhs per incubator will be offered for setting up and scaling up incubator and accelerator infrastructure in the Union Territory, with the objective of establishing at least one incubator in every district.

Lt. Governor Sinha expressed the UT administration’s commitment to supporting young and aspiring entrepreneurs through a comprehensive Start-Up Assistance Program, which includes mentoring and support. Furthermore, he outlined the vision of the administration for collaboration with Startup India, angel investor networks, financial institutions, and premier educational institutes.

As part of their commitment to fostering innovation and economic growth, Lt. Governor Sinha announced the allocation of 11,200 sqft built spaces in Rangreth for IT, ITES, and Tech Start-Up sectors at competitive prices. Additionally, surplus spaces at JKEDI will be made available to Start-Ups. These initiatives aim to encourage entrepreneurial growth and technological innovation in Jammu and Kashmir.

Lt. Governor Sinha highlighted the importance of institutionalized interactions between business leaders, experts, policy makers, and academia during the conclave, underscoring their role in driving transformation within J&K’s Start-Up Ecosystem. He emphasized that Jammu and Kashmir offers immense opportunities for high-impact entrepreneurship and global market service.

In his closing remarks, Lt. Governor Sinha assured full support and guidance to budding entrepreneurs and potential startups, asserting that young entrepreneurs with innovative ideas are the new heroes of the region, shaping an entrepreneurial, innovation-based economy. He described J&K as an environment conducive to realizing ambitious business plans.

The Lt. Governor also highlighted major reforms undertaken in J&K in recent years, focusing on infrastructure development and the exploration of the region’s rich natural resources. He called upon all segments of society to play their role in achieving the vision of a developed India and Jammu and Kashmir.

Lt. Governor Sinha concluded by discussing the reforms implemented to enhance transparency and accountability in the administrative system, highlighting the use of technology to minimize human interaction and the availability of online services.

The J&K StartUp Conclave 2023 brought together experts from across the country to discuss entrepreneurship and innovation in the region. Distinguished officials and industry leaders were present at the event.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.