Chief Minister Shri Hemant Soren is serious about promoting startups in the state. In view of this, the new Jharkhand Startup Policy 2023 of the state was approved in the cabinet meeting held on 7 December 2023. Now the Jharkhand government is starting new startup ideas in the state through the portal http://abvil.jharkhand.gov.in from February 4, 2025 under the new Jharkhand Startup Policy 2023, where applicants will be able to give their ideas through this portal.

New Jharkhand Startup Policy 2023 is applicable in the state, for the successful operation and implementation of which ABVIL has been formed as Section 8 under the Companies Act 2013. The function of this agency is to select startups in the state, promote the startup ecosystem and implement the fiscal and non-fiscal incentives provided in the policy under the Common Incentive Disbursement Guidelines.

Under this policy, an online digital platform has been created whose URL is http://abvil.jharkhand.gov.in, through which new startup ideas will be received online by the applicant and the selection process of startups will be started from 4 February 2025 by calling a meeting of the State Evaluation Board by the department.

Chief Minister Hemant Soren approved the new policy (New Jharkhand Startup Policy 2023) on 7 December 2023, cancelling the old Startup Policy 2016. After the approval of the cabinet, the Department of Information Technology and e-Governance has notified it. With this, the policy implemented in 2016 has been canceled. The new startup policy has been implemented for the next five years. During this period (till the year 2028), a target has been set to develop at least one thousand startups in the state. By this period, a target has been set to include Jharkhand among the leading 10 states by creating a favourable ecosystem in the state.