Jharkhand set to be the Eastern Start-up Hub in the country

Jharkhand set to be the Eastern Start-up Hub in the country

Posted by P. Charitha on February 20th 2017

The 17-year old State of Jharkhand with its rich mineral wealth & natural beauty is all set to receive a major boost in terms of investment and start-up initiatives. According to a Times of India report, several initiatives as per the Jharkhand start-up policy are soon going to take shape. This was reiterated during the Momentum Jharkhand Global Investors’ Summit 2017 - an investors summit which was held for the first time in the State on February 17th-18th 2017 in Ranchi. Delegates from four partner countries namely Japan, Czech Republic, Tunisia and Mongolia as well as those from 28 countries such as Australia, the US, Britain, Russia, China, Singapore, Saudi Arabia, UAE, Italy, and Pakistan, among others participated in the summit. Cricketer Mahender Singh Dhoni who is from Ranchi was the brand ambassador for the Summit. Jharkhand secured investment commitments worth over Rs. 3 lakh crore with 210 MoUs being signed across the two-day Summit.
Most of the proposals were in the mining sector, followed by the IT and e-governance department with 30 proposals and an investment commitment of Rs. 8,500 cr. More than investments, the summit aimed at putting Jharkhand on the global map and let investors know that Jharkhand is a state that has immense potential a serious player.The start-up commitments included:
-30 proposals and an investment commitment of Rs. 8,500Crore for the Start-up, IT and e-governance Sectors.
-One lakh square feet allocation for Jharkhand Innovation Lab to be set up in the city with additional incubator centres in cities like Jamshedpur, Dhanbad and Bokaro.
-Govt. Partnership with the Centre for Innovation, Incubation and Entrepreneurship (CIIE) of the Indian Institute of Management (IIM), Ahmadabad, which will handle incubation processes of start-ups in the state. 
-Union minister of Industry, State and Commerce, Nirmala Sitaraman, also announced that the Union government has sanctioned Rs 50 crore to Jharkhand's internal venture capital fund to support start-ups. Talks area already in the process with Gujarat Venture Finance Ltd (GVFL) for optimal allocation of the funds. 
-The Eastern state of Jharkhand is currently ranked 3rd by World Bank report in terms of Ease of Doing Business in the country with the Government of Jharkhand taking numerous initiatives towards improvement of overall investment climate to promote industrial activity in the State and establish Jharkhand as one of the prime investment destination of Eastern India.
-Jharkhand is one of the first of the new states in the nation to come out with a start-up policy and which is also entrepreneur-friendly that has been drafted after consultation with small and medium enterprises.


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