Srinagar- Announcing that Jammu and Kashmir’s new start-up policy 2023 will be notified by next month, the Union Territory Lieutenant Governor, Manoj Sinha said Saturday that the new policy will provide a roadmap for nurturing innovation, creating jobs and driving economic growth.

Addressing the valedictory session of J&K Start-Up Conclave 2023 here on Saturday, Sinha said that the new policy will ensure market access, suitable infrastructure and all the assistance and help to entrepreneurs in their journey, he added.

He 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.

“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 LG 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 added.

The LG 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 his 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,” Sinha 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.

“Jammu Kashmir 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,” he added.

The LG assured every possible assistance and handholding to the budding entrepreneurs and potential start-ups 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 realize a great business plan,” he said.

At the Conclave, the LG 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,” he said, adding “From rural economy to smart mobility, J&K is full of possibilities and offering opportunity of a lifetime,”

On the occasion, Sinha called upon every section of the society to play their important role in realizing the vision of Viksit Bharat and Viksit J&K.

“It is our collective responsibility to ensure peace and stability in Jammu Kashmir,” he said, while highlighting 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 added.

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

Vikramjit Singh, Commissioner Secretary Industries & Commerce; Vijay Kumar Bidhuri, Divisional Commissioner Kashmir; Heads of Department, senior officials, Start-Up leaders, industry stalwarts were present at the Conclave.


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