The Jharkhand government, under the leadership of Chief Minister Hemant Soren, is committed to fostering innovation and entrepreneurship in the state. As part of this initiative, the state cabinet approved the New Jharkhand Startup Policy 2023 on December 7, 2023. Now, in a significant move, the government is set to invite fresh startup ideas through an online portal (http://abvil.jharkhand.gov.in) starting February 4, 2025. This portal will enable entrepreneurs to submit their business ideas seamlessly.
Implementation of the Jharkhand Startup Policy 2023
The New Jharkhand Startup Policy 2023 has been officially implemented to promote a thriving startup ecosystem in the state. To ensure the efficient execution of this policy, the government has established ABVIL (Atal Bihari Vajpayee Innovation Lab) under Section 8 of the Companies Act, 2013.
ABVIL will be responsible for selecting startups, fostering a supportive ecosystem, and executing fiscal and non-fiscal incentives as per the Common Incentive Disbursement Guidelines.
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A dedicated online digital platform has been developed to streamline the submission of startup ideas. Entrepreneurs can submit their proposals via http://abvil.jharkhand.gov.in. The evaluation and selection of startups will be conducted by the State Evaluation Board, beginning February 4, 2025.
Ambitious Target: 1,000 Startups by 2028
With the introduction of the New Jharkhand Startup Policy 2023, Chief Minister Hemant Soren has scrapped the previous Jharkhand Startup Policy 2016 to pave the way for a more progressive and inclusive policy framework.
The Information Technology & E-Governance Department has officially notified the revised policy, replacing the 2016 framework. The new policy is set to be in effect for the next five years, with a strategic objective of developing at least 1,000 startups by 2028.
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Furthermore, the government aims to create a favorable startup ecosystem, positioning Jharkhand among the top 10 startup-friendly states in India by 2028. This initiative will drive innovation, attract investors, and generate employment opportunities across the state.
For more details, entrepreneurs and startups can visit http://abvil.jharkhand.gov.in and participate in Jharkhand’s journey towards becoming a major startup hub.
