CM Amarinder Singh launches ‘Innovation Mission Punjab’ to boost start-up sector

CM Amarinder Singh launches 'Innovation Mission Punjab' to boost start-up sector
CM Amarinder Singh launches 'Innovation Mission Punjab' to boost start-up sector

According to a statement, Chief Minister Amarinder Singh launched ‘Innovation Mission Punjab’ (IMPunjab) on Wednesday, a public-private partnership that will bring in worldwide investors and professionals to boost start-ups.

The Chief Minister stated during the virtual event that the Mission will unleash Punjab’s growth potential and foster economic growth by creating jobs and attracting investment.

The Mission will mobilise a global network of ambassadors and partners to provide investment, mentorship, and market access, Amarinder Singh said, adding that the mission will also leverage the strength of the Punjabi diaspora, allowing them to participate in the state’s renewed growth story, in addition to running targeted programmes to encourage female entrepreneurship.

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The Chief Minister touted Punjab as an enterprising state with a strong entrepreneurial presence around the globe and in India, noting that the state has a booming entrepreneurial ecosystem with 450 businesses and more than 20 incubators.

Additionally, the Innovation Mission Punjab will serve as a catalyst for growth by uniting all stakeholders, including universities, incubators, investors, startups, government, progressive farmers, athletes, the media, industry, and corporate, Singh explained.

Additionally, the Chief Minister stated that the Mission is a unique public-private collaboration championed by the private sector and backed by the government.

The Department of Agriculture, Industries, and Commerce, Mandi Board, and Startup Punjab are partnering to provide over Rs. 30 crores in cash and kind, including operating expenses for the first three years, a ten-year rent-free lease for 12,000 square feet at Kalkat Bhavan, and support to startups and incubators in the State.

“The mission is founded on three pillars: pollinator—to establish a network of virtual incubators and to organise events such as bootcamps, ideathons, and pitch days in order to foster the growth of a thriving startup ecosystem.

“The State government would contribute 10% of the corpus and provide cumulative guarantees of up to Rs 10 crore to incentivize early investors,” the announcement stated.

Meanwhile, famous economist Montek Singh Ahluwalia stated in his speech that the innovation mission will begin in earnest once things return to normal and a post-Covid environment arises.

According to the statement quoting him, he cited digital connection and artificial intelligence as significant areas of the start-up business.

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According to Chief Secretary Vini Mahajan, Punjab’s moment has arrived in the start-up sector, which is a relative newcomer.

When the new business policy was formulated in 2017, start-ups were given a significant place, according to the Chief Secretary, who encouraged new start-ups to explore Punjab as a new investment destination.

Expounding on the Mission’s broader objectives, Genpact founder Pramod Bhasin stated, “The start-up wave is in the air, and Mohali, Chandigarh, and Ludhiana all have the potential to emerge as startup hubs.” Far-reaching steps to put Punjab on the global startup map will be taken by fostering entrepreneurial communities and collaborating with investors, industry, and academia.

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