SRINAGAR: In a significant move to promote innovation and entrepreneurship in the region, the Department for Promotion of Industry and Internal Trade (DPIIT), under the Government of India, has granted approval for financial support of Rs 5 crore to the Islamic University of Science and Technology (IUST) under the Start-up India Seed Fund Scheme. This funding aims to bolster the start-up ecosystem in Jammu and Kashmir and provide essential assistance to budding entrepreneurs.
The efforts of the CIED IUST Foundation, registered as a Section-8 Company with eight verticals, have been recognised by the Ministry of Education, Government of India. In 2022, it was awarded a 3.5-star ranking for its contribution in fostering an ecosystem of innovation and start-ups. With a track record of excellence, the IUST’s CIED Foundation provides the necessary resources and a conducive environment for the growth and development of 20 start-ups.
Expressing his appreciation for the vital role of innovation and entrepreneurship in progress and development, Professor Shakil Ahmad Romshoo, Vice Chancellor of IUST, lauded the entire team of the CIED-IUST Foundation, led by Director Dr Pervez Ahmad Mir, for their national recognition in promoting innovation and entrepreneurship. He emphasised that this scheme would be a game-changer, significantly enhancing the culture of innovation and entrepreneurship in Jammu and Kashmir, ultimately fostering economic growth.
Notably, the CIED IUST becomes the first institute from the Union Territory of Jammu and Kashmir to avail itself of the Start-up India Seed Fund Scheme. Additionally, IUST plans to expand its support for start-ups substantially under this scheme, aiming to provide ample opportunities for budding entrepreneurs and nurture their growth and success.
