The new policy will 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: LG

Lieutenant Governor Manoj Sinha on Saturday addressed the valedictory session of J&K Start-Up Conclave 2023 in Srinagar.

Also Read: Cigarettes without pictorial warnings worth Rs 101850 seized from various markets in Srinagar

In his address, the Lt Governor congratulated the Department of Industries and Commerce J&K for organizing the first of its kind conclave in collaboration with other stakeholders and startups from the UT.

The Lt Governor announced that the UT Administration has drafted a new Start-Up Policy 2023 for Jammu Kashmir which will be notified by next month.

He said the new policy will 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 added.

J&K Start-Up Policy will also facilitate the growth of many cutting-edge sectors for Jammu and Kashmir which are still untapped. For the Seed Funding, a one-time assistance up to Rs. 20 lakhs in 4 equal installments will be provided to start-ups recognized by J&K Government, the Lt Governor said.

Government will also provide a Capital grant on setting up/scaling up incubator and accelerator infrastructure in the UT with 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 Lt Governor said that under a comprehensive Start-Up Assistance Program, support and mentorship will be provided to the young and budding entrepreneurs.

He also shared the vision of the UT 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 & Tech Startup sectors. Also, the surplus spaces at JKEDI will now be made available to Startups, the Lt Governor said.

He said the institutionalized interactions between business leaders, experts, policy makers and academia during the Conclave are a crucial part of the strategy of the UT administration to speedily bring about transformation in J&K’s Start-Up Ecosystem.