In a significant move to foster entrepreneurship and innovation, the government of Jharkhand, led by Chief Minister Hemant Soren, has introduced a new startup policy. The policy, designed to replace the 2016 version, is set for immediate implementation and outlines a comprehensive vision to cultivate a vibrant startup ecosystem in the mineral-rich state.
Key Highlights of Jharkhand’s New Startup Policy
Targeted Growth: The policy aims to establish a minimum of 1,000 companies by the year 2028, emphasizing a strategic approach to spur economic development and job creation.
Financial Support: Recognizing the financial challenges faced by startups, the policy includes provisions for subsistence allowances. This measure is designed to support both emerging startups and those already in operation, seeking to scale up their ventures.
Student Entrepreneurship: An innovative aspect of the policy involves encouraging students to pursue entrepreneurship. Students will be allowed to take a one-year break after their first year in undergraduate or postgraduate courses to explore entrepreneurial pursuits. Importantly, this break will not impact the maximum duration required to complete the academic program, ensuring a seamless return to studies.
Industry Response: The policy has garnered positive reactions from industry leaders. Kishore Mantri, President of the Federation of Jharkhand Chamber of Commerce and Industries, welcomed the initiative, noting the current state of the startup ecosystem in the region and highlighting the positive impact this policy could have.
Jharkhand’s proactive approach to nurturing startups aligns with the broader national agenda of promoting entrepreneurship and innovation. The policy’s multifaceted strategies, including financial support and incentives for student entrepreneurs, demonstrate a commitment to creating an enabling environment for startups to thrive.
As Jharkhand embarks on this journey to bolster its startup ecosystem, the policy is poised to contribute significantly to the state’s economic growth, job creation, and position as a hub for innovation and entrepreneurship in the region.