J&K start-up policy 2023 to boost innovation & economic growth: LG

Srinagar, Sep 15: Lieutenant Governor Manoj Sinha addressed the valedictory session of J&K Start-Up Conclave 2023 in Srinagar, today.
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 start-ups 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 of up to Rs 20 lakhs in four equal instalments will be provided to start-ups recognized by J&K Government, the Lt Governor said.
“The Government will also provide a Capital grant for setting up/scaling up incubator and accelerator infrastructure in the UT with assistance of up to Rs 50 lakh per incubator. The 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 program.
“In our unwavering commitment to fostering innovation and economic growth, we have decided to allocate a 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.
“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,” the Lt Governor said.
He 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 Lt Governor 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 observed.
From rural economy to smart mobility, J&K is full of possibilities and offering an opportunity of a lifetime, the Lt Governor said.
On the occasion, the Lt Governor 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.
He also highlighted the reforms introduced to make the administrative system more transparent and accountable.
“We have ensured the maximum use of technology to minimize human interface. More than 1000 services have been made online 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.