Jammu and Kashmir’s Lieutenant Governor, Manoj Sinha, marked a significant step towards fostering entrepreneurship in the Union Territory with the launch of the ‘New Jammu & Kashmir Start-up Policy- 2024-27.’ The policy, unveiled at the Avinya Startup Summit, aims to establish 2,000 startups in the region by 2027. Sinha emphasized the commitment of the administration to nurture a dynamic entrepreneurial ecosystem, offering a range of support mechanisms to startups in diverse fields.
The newly launched policy introduces various initiatives, including patent-related assistance, financial support for mentorship to recognized startups, facilitation for Department for Promotion of Industry and Internal Trade (DPIIT) registration, and additional need-based assistance for startups. Sinha urged potential investors from across the country to explore opportunities in the Union Territory and contribute to the growth journey of Jammu and Kashmir.
Key Features of the New J&K Start-Up Policy:
- Rs 250 Crore Venture Capital Fund: The policy outlines the establishment of a Rs 250 crore Venture Capital Fund, with an initial infusion of Rs 25 crore from the administration. This fund is designed to provide crucial support for growth, early-stage financial handholding, and encourage the development of viable business models.
- Focus on Entrepreneurship Facilities for Students and Women: The policy emphasizes providing entrepreneurship facilities to students and women, aiming to create an inclusive environment for aspiring entrepreneurs.
- Support from Government, Private, and HNIs: Entrepreneurs will receive support from various quarters, including the government, private sector, and High Net-Worth Individuals (HNIs) to facilitate the setup of startups.
- Incubation Centers and Seed Funding: The administration is committed to establishing and empowering new incubation centers and providing seed funding through the J&K Entrepreneurship Development Institute (JKEDI). This initiative aims to develop prototypes of innovative products and offer additional support to female entrepreneurs.
Jammu and Kashmir’s current startup ecosystem boasts 722 registered startups, with a noteworthy emphasis on gender inclusivity, as 254 of these are women-led startups. The sectoral landscape is diverse, with construction and engineering leading the way, followed by Skill Development, Oil & Gas Transportation, IT Consulting, Business Support Services, Food Processing, and Agri-Tech.
The Lt Governor highlighted that the policy is a result of a comprehensive survey on government support, incubator collaboration, and policy requirements. Currently, 69 percent of startups seek support for Marketing and Branding, presenting an opportunity for increased collaboration with incubators. The region is home to 12 incubators, playing a pivotal role in nurturing and guiding startups during their early stages.
In conclusion, the ‘New Jammu & Kashmir Start-up Policy- 2024-27’ positions the Union Territory as an attractive destination for startups, offering a conducive environment for growth, collaboration, and innovation.
