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Jammu and Kashmir government would notify a new startup policy by the next month to provide a roadmap for nurturing innovation, creating jobs, and driving economic growth, Lieutenant Governor Manoj Sinha said on Saturday.

Addressing the valedictory session of J&K Startup Conclave 2023 in Srinagar, the Lt Governor announced that the UT administration has drafted a new Startup Policy 2023 for Jammu and Kashmir, which will be notified by the next month.

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’s startup policy will also facilitate the growth of many cutting-edge sectors for the UT, which are still untapped. For the seed funding, one-time assistance up to Rs 20 lakh in four equal instalments will be provided to startups recognised by the J&K government, the Lt Governor said.

“The government will also provide a capital grant for setting up/scaling up the 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 under a comprehensive startup assistance programme, 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.

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“In our unwavering commitment to fostering innovation and economic growth, we have decided to allocate a carpet area of 11,200 sq.ft. built spaces at competitive prices at Rangreth for IT, ITES, and tech startup sectors. Also, the surplus spaces at JKEDI will now be made available to startups,” the Lt Governor said.

He said the institutionalised interactions between business leaders, experts, policymakers, 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 startup 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,” Sinha said.

He assured every possible assistance and hand-holding to the budding entrepreneurs and potential startups by the administration.