A New Startup Policy to Drive Economic Growth in Jammu and Kashmir

A New Startup Policy to Drive Economic Growth in Jammu and Kashmir

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Lieutenant Governor Manoj Sinha announced that Jammu and Kashmir will be implementing a new startup policy in the coming month. The policy aims to support innovation, job creation, and economic growth in the region. This announcement was made at the valedictory session of the J&K Startup Conclave 2023 in Srinagar.

In addition, the Small Industries Development Bank of India (SIDBI) plans to raise Rs 10,000 crore through a rights issue in the next fiscal year. This capital infusion will help expand SIDBI’s equity capital as it aims to increase its assets to Rs 5 lakh crore March 2024.

As the FAME-II scheme, which provides subsidies for electric vehicles (EVs), is set to end in March 2024, Ather Energy, a leading EV manufacturer, hopes that the government will extend the current level of subsidy for another three to five years. According to Ravneet S Phokela, Chief Business Officer at Ather Energy, policy predictability and an extended time period are crucial for accelerating the adoption of EVs in India.

Jaguar Land Rover (JLR) is closely monitoring the demand for battery electric vehicles in India. Depending on the market scenario, JLR will strategize the entry of more electric models into the country. Globally, JLR plans to open bookings for the new Range Rover Battery Electric Vehicle (BEV) the end of this year.

In other news, Tinder has partnered with the Centre for Social Research to provide safety guidance to its users. The aim of this partnership is to ensure the safety of Tinder users during their dating experiences.

In the world of business, WhatsApp Business is playing a significant role in supporting Indian small and medium-sized businesses (SMBs). With over 400 million users in India, WhatsApp offers solutions that enable businesses of all sizes to connect with their customers and expand their operations. The WhatsApp Business app, launched in 2018, has more than 50 million users globally and over 15 million users in India. It allows businesses to offer their products and services directly through chat, making it convenient for consumers to make purchases and access insurance products.

Ethical clothing line Kiniho, founded Iba Mallai, focuses on sustainable and responsible fashion. The brand works with Eri silk, a protein fibre derived from moth cocoons, and employs traditional hand-weaving techniques. By collaborating with community weavers, Kiniho supports local craftsmanship and promotes eco-friendly practices.

In the financial world, Goldman Sachs strategists predict that the Federal Reserve is unlikely to raise interest rates at its upcoming meeting. They also anticipate that the central bank will revise its economic growth projections upwards. Meanwhile, the revamp of the Ethereum network, known as the Merge, has successfully transitioned to a more energy-efficient system. However, the surge in demand for staking has raised concerns about potential network congestion.

Lastly, the job outlook for the Class of 2024 at Tier II and III engineering colleges in India appears challenging. IT/ITeS companies, which typically recruit a significant number of students, have either stayed away or deferred their hiring plans.

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