The Punjab government is stepping up its efforts to support startups
and young entrepreneurs, with Industries and IT Minister Tarunpreet
Singh Sondh announcing an additional ₹10-lakh grant for startups
that progress beyond the incubation stage. The announcement was made at TiECON,
the flagship event of the Chandigarh chapter of The Indus Entrepreneurs
(TiE), which concluded on Friday.
Boosting Punjab’s Startup Ecosystem
In his address, Minister Sondh emphasized the
government’s commitment to nurturing innovation and entrepreneurship in
the state. He acknowledged that while the initial ₹3 lakh ‘seed money’
provided by the government, with the support of institutions like Software
Technology Parks of India (STPI) and IISER, is a stepping stone for budding
entrepreneurs, more financial assistance is needed to scale up successful
ideas.
“To further support businesses and young entrepreneurs, we
will now provide an additional ₹10 lakh grant to those startups that
make significant progress with the initial seed money,” Sondh stated. This
initiative is aimed at strengthening Punjab’s startup culture and driving
economic growth.
Focus on Business-Friendly Policies and Digital Approvals
The Punjab government is also working towards digitizing
and integrating approvals from different departments to create a more
efficient system for budding entrepreneurs. Minister Sondh highlighted
that Punjab has been ranked number one in the country for ease of doing
business, showcasing its pro-business environment.
“As of now, we have signed ₹90,000 crore worth of Common
Application Forms (CAFs), proving that startup projects are not just ideas
on paper but are actually being implemented on the ground,” he said.
He also reiterated that the Bhagwant Mann government
does not believe in signing Memorandums of Understanding (MoUs) for the sake
of publicity, but instead focuses on real action and impact.
Expanding Startup Incubators Across Punjab
Additional Chief Secretary of Industries, Tejveer Singh,
revealed that the ‘Start Up Punjab’ program had received top rankings
from the Union Government, with over 1,700 registered startups in
the region.
Expanding the startup incubation infrastructure has been a
priority, and last year, the Punjab Chief Minister announced that
incubators would be set up outside Mohali. As a result, an incubator
center has already started in Ludhiana, and the government is now working
on launching more incubators in Jalandhar, Bathinda, and Amritsar to
promote the startup ecosystem.
Singh also highlighted that Punjab has a strong
educational infrastructure, producing a skilled workforce ready to
contribute to the IT and startup sector.
Conclusion
With the latest ₹10-lakh grant initiative, simplified
business approvals, and expansion of startup incubators, the Punjab
government is actively fostering a thriving startup ecosystem.
Events like TiECON 2025 serve as a crucial platform to connect
entrepreneurs with investors, mentors, and policymakers, further
accelerating the state’s entrepreneurial growth and innovation.
This initiative not only supports Punjab’s startup
community but also paves the way for job creation and economic
development, making Punjab a leading hub for innovation and business
success in India.