Jharkhand is on the Cusp of a Start-up Boom

Nandini Mukherjee, Managing EditorJharkhand has witnessed a remarkable transformation over the last few years. With a growing economy, improving income dynamics, rising awareness and a youth-heavy consumer base the state is well on its way to becoming one of the most prospective markets. Increased economic activities and infrastructure development too have resulted in extensive urbanization as a result of which urban and semiurban areas are expanding. Also, cities like Dhanbad Ranchi and Jamshedpur are fast emerging as a hub of new businesses.

With favourable government policies and support directed at improving
the state’s startup ecosystem, new ventures are making a mark. The Jharkhand Startup Policy, formulated on the lines of the Startup India campaign has further strengthened the endeavours by providing huge spaces for incubation spaces to support state startups and promote them through public private partnerships. These incubation hubs host firms working on new technologies that meet the needs of society and the requirements of other countries. The policy further ensures benefits such as full reimbursement for costs incurred by startups while filing domestic or international patents as well as reimbursements for rental utility, marketing expenses amongst others.

As per reports the state would facilitate the growth and scaling of at least a 1,000 direct startups and support 1,500 startups virtually, by 2021. In 2019, the state’s first government run co-working space was inaugurated at the Atal Bihari Vajpayee Innovation Lab (ABVIL) in Ranchi enabling selected startups to use the space free of cost. Additionally there have been several hackathons startups yatras and meets organised in the state in a bid to develop the ecosystem. In a nutshell emerging business formats, increasing awareness and innovation in new products are the strengths and opportunities of startups in Jharkhand. With these rapid developments the future surely looks bright.