Punjab's startup boom begins with Rs 24 lakh in seed grants

Punjab's first startup conclave took place at Lovely Professional University in Kapurthala, inaugurated by Chief Minister Bhagwant Singh Mann. The event highlighted the state's growing support for entrepreneurs, with a focus on innovation and funding opportunities for new businesses.

The conclave brought together over 100 startups, showcasing Punjab's potential as a hub for innovation. Seven startups received seed grants of Rs 3 lakh each, while one was awarded Rs 1.20 lakh for lease rental assistance. These incentives reflect the government's commitment to nurturing early-stage businesses.

The Industrial and Business Development Policy 2022 has already made an impact, with more than 1,200 startups securing state funding since its launch. Technology, agritech, and manufacturing sectors have seen the strongest growth. Chief Minister Mann emphasised the role of startups in job creation and economic development, urging young entrepreneurs to embrace the mantra of 'Update and Create' to compete globally.

Special attention is being given to women-led startups and first-generation entrepreneurs. The government has assured that funding will not be a barrier, reinforcing its dedication to building a supportive ecosystem for innovation in Punjab.

The conclave aimed to position Punjab as a leading destination for startups by fostering collaboration among investors, entrepreneurs, and policymakers. With transparent policies and targeted financial support, the state is working to accelerate business growth and create long-term economic opportunities.