In a significant move to boost entrepreneurship and innovation, Lieutenant Governor Manoj Sinha launched the ‘New Jammu & Kashmir Start-up Policy- 2024-27,’ with a vision to establish 2,000 startups in the Union Territory by 2027. The policy, announced at the Avinya Startup Summit, aims to create a conducive environment for startups, providing them with comprehensive support and incentives.
The comprehensive New Jammu and Kashmir Start-up Policy offers a range of benefits, including patent-related assistance, financial aid for mentorship to recognized startups, facilitation for Department for the Promotion of Industry and Internal Trade (DPIIT) registration, and additional need-based support to startups operating in diverse fields, as highlighted by Sinha.
During the launch, Lieutenant Governor Sinha extended an invitation to potential investors from across the country to explore the opportunities in the Union Territory and contribute to its growth journey.
The new policy, approved by the Jammu and Kashmir administrative council on February 22, supersedes the startup policy implemented in 2018. It places a particular emphasis on providing entrepreneurship facilities to students and women, as well as extending support to entrepreneurs through government, private, and high-net-worth individuals (HNIs) for establishing startups.
Describing the policy as a “giant leap for startups and innovators,” Lieutenant Governor Sinha emphasized its meticulous drafting, aiming to establish 2,000 startups in the Union Territory by 2027. He underlined the administration’s commitment to fostering a dynamic entrepreneurial ecosystem.
Key features of the policy include 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 encouragement for the development of viable business models.
Diverse and robust start-up ecosystem
LG Sinha also discussed the challenges and growth opportunities in different sectors in Jammu and Kashmir. Reportedly, the Union Territory currently boasts 722 registered start-ups, with a notable focus on gender inclusivity, including 254 women-led startups.
The startup ecosystem in Jammu & Kashmir exhibits a diverse landscape, with construction and engineering leading the way, constituting 49 percent of the total startups. Other prominent sectors include Skill Development, Oil & Gas Transportation, IT Consulting, Business Support Services, Food Processing, and Agri-Tech. This diverse landscape showcases the entrepreneurial spirit and the presence of startups across various industries in the region.