Punjab fully committed to supporting startups, no shortage of funds: Mann

Phagwara (Punjab): Punjab Chief Minister Bhagwant Singh Mann on Monday said the state government is fully committed to supporting startups, asserting that there is no shortage of funds for promoting budding entrepreneurs.

Startups play a crucial role in job creation and economic growth, Mann said while inaugurating the state's first startup conclave at Lovely Professional University in Kapurthala.

He said that innovation, hard work and entrepreneurship are central to Punjab's economic future.

Organised by the Department of Industries and Commerce, the conclave brought together startups, investors, incubators, industry leaders, academicians and policymakers, highlighting Punjab's expanding startup ecosystem.

Mann said the government aims to transform Punjab's youth from job seekers into job creators and urged young entrepreneurs to adopt the mantra of "Update and Create".

More than 100 startups participated in the conclave, while the government disbursed seed grants and incentives to encourage new ventures.

Seven startups received seed grant of Rs 3 lakh each, while one startup was provided Rs 1.20 lakh as lease rental assistance.

Referring to his recent visit to Japan, Mann said nations progress with a clear vision for the future and urged Punjab's youth to adopt a forward-looking and hardworking mindset to succeed globally.

He said over 15 incubators and several support organisations from Punjab showcased their initiatives at the event. Startups working in sectors such as agriculture, health, education and administration are being actively encouraged, he added.

Mann said the Industrial and Business Development Policy 2022 provides a transparent and robust framework for entrepreneurs and that special focus is being given to women-led startups and first-generation entrepreneurs.

The chief minister said the conclave would serve as a platform to showcase Punjab's innovation potential and foster collaboration among stakeholders, helping position the state as a preferred destination for startups.

Cabinet Minister Sanjeev Arora, Lok Sabha MP Raj Kumar Chabbewal, Rajya Sabha MP Ashok Mittal and other dignitaries were present on the occasion.