Government Targets the Establishment of 1,000 Startups by 2028
- ByStartupStory | December 16, 2023
Jharkhand’s Chief Minister Hemant Soren’s government has unveiled a new startup policy, signaling a commitment to foster a thriving startup ecosystem in the mineral-rich state. The policy, set to replace the 2016 version, is slated for immediate implementation over the next five years, aiming to establish a minimum of 1,000 companies by 2028, as per a gazette notification signed by Vipra Bhal, the special secretary to the CM.
The policy envisions creating a conducive environment for startup companies through a series of measures. Notably, it includes provisions for subsistence allowances to support both emerging startups and those already in operation looking to scale up, addressing a crucial aspect of financial sustainability.
An innovative facet of the policy involves encouraging students to pursue entrepreneurship by allowing them to take a one-year break after their first year in undergraduate or postgraduate courses. Importantly, this break will not be factored into the maximum duration required to complete the academic program, ensuring continuity in syllabus coverage upon their return.
“The policy is a welcome step. As of now, the state’s startup ecosystem is poor,” remarked Kishore Mantri, President of the Federation of Jharkhand Chamber of Commerce and Industries, emphasizing the significance of this initiative.
With a clear focus on nurturing startups and providing strategic support, Jharkhand’s new startup policy reflects a forward-looking approach to propel economic growth and innovation within the state.
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