DPIIT clears Rs 5 cr funding to IUST for J&K startups

Awantipora, July 19 (KNN) The Department for Promotion of Industry and Internal Trade (DPIIT) has approved financial support of Rs 5 crore to Islamic University of Science & Technology (IUST) under the Startup India Seed Fund Scheme to support startups in Jammu and Kashmir (J&K).

According to a statement issued, Centre for Innovation and Entrepreneurship Development (CIED IUST Foundation), registered as a Section-8 Company with eight verticals, has demonstrated a commendable track record in promoting an ecosystem of innovation and startups.

It was awarded a 3.5-star ranking in 2022 by the Ministry of Education, GOI, for its efforts in this area.

The IUST’s CIED Foundation provides a conducive ecosystem and necessary resources to 20 startups, facilitating their growth and development.

Acknowledging the pivotal importance of innovation and entrepreneurship in progress and development, Professor Shakil Ahmad Romshoo, Vice Chancellor of IUST commended the entire team of CIED-IUST Foundation, led by Director Dr Pervez Ahmad Mir, for the national recognition in promoting an ecosystem of innovation and entrepreneurship.

He stated that the scheme would be a Game-Changer for innovation and entrepreneurship culture in J&K significantly boosting the startup ecosystem, and fostering innovation, entrepreneurship, and economic growth.

Pertinently, CIED IUST is the first institute from the UT of J&K to avail this scheme which will further bolster IUST’s efforts in providing an enabling environment for startups to thrive, bringing new ideas, job opportunities, and economic prosperity to the region.

Furthermore, IUST plans to increase the number of supported startups considerably under the scheme and aims to provide ample opportunities for budding entrepreneurs, encouraging their growth and success.  (KNN Bureau)