The government of Jammu and Kashmir is gearing up to introduce a new startup policy next month, with a focus on fostering innovation, job creation, and economic development, according to Lieutenant Governor Manoj Sinha. Speaking at the conclusion of the J&K Startup Conclave 2023 in Srinagar, the Lieutenant Governor revealed that the Union Territory (UT) administration has prepared the Startup Policy 2023 for Jammu and Kashmir, which will be officially announced next month. This policy will serve as a strategic guide to encourage innovation, generate employment opportunities, and boost economic growth. It will ensure access to markets, appropriate infrastructure, and comprehensive support for entrepreneurs throughout their journey.
J&K’s startup policy aims to stimulate the growth of various cutting-edge sectors within the UT that have remained untapped. Startups officially recognized by the J&K government will be eligible for one-time seed funding, providing assistance of up to Rs 20 lakh in four equal installments, as per the Lieutenant Governor. He also mentioned that the government will extend capital grants to establish or scale up incubator and accelerator facilities in the UT, offering up to Rs 50 lakh per incubator. The primary objective is to have at least one incubator in every district, thus expanding support for budding entrepreneurs.
The Lieutenant Governor further explained that a comprehensive startup assistance program will include mentoring and support for young and aspiring entrepreneurs. He expressed the UT administration’s vision of collaborating with Startup India, angel investor networks, financial institutions, and prestigious institutes as part of this program.
Highlighting the commitment to fostering innovation and economic growth, the Lieutenant Governor announced the allocation of 11,200 sq. ft. of competitively priced built spaces in Rangreth for IT, ITES, and tech startup sectors. Additionally, surplus spaces at JKEDI will be made accessible to startups. The Lieutenant Governor emphasized that the structured interactions between business leaders, experts, policymakers, and academia during the conclave are a critical component of the UT administration’s strategy to accelerate transformation in J&K’s startup ecosystem.
Lieutenant Governor Manoj Sinha underscored that Jammu and Kashmir provide a fertile ground for high-impact entrepreneurship, abundant resources, and numerous opportunities to serve the global market. He assured potential startups and emerging entrepreneurs of the administration’s unwavering support and guidance to facilitate their growth and success.
