Srinagar, Sept 18 (KNN) A new startup policy for Jammu & Kashmir (J&K) will be unveiled in October, said Lieutenant Governor of J&K, Manoj Sinha.

The forthcoming notification of a new startup policy aims at nurturing innovation, generating employment, and driving economic growth in the region.

Speaking during the concluding session of the J&K Startup Conclave 2023 in Srinagar, Sinha revealed that the Union Territory (UT) administration has drafted the Startup Policy 2023 for Jammu and Kashmir, which is set to be officially notified next month.

This new policy is envisioned to provide a comprehensive roadmap to foster innovation, job creation, and economic progress while ensuring market access, adequate infrastructure, and full support for entrepreneurs on their journey.

The J&K startup policy will also facilitate the growth of untapped cutting-edge sectors in the UT.

Startups recognized by the J&K government will receive one-time seed funding assistance of up to Rs 20 lakh disbursed in four equal instalments.

Additionally, the government will grant capital assistance to establish or scale up incubator and accelerator infrastructure in the UT, providing up to Rs 50 lakh per incubator.

The primary objective is to ensure the presence of at least one incubator in every district, according to Sinha.  (KNN Bureau)