‘New Jammu & Kashmir Start-up Policy – 2024-27’ launches Lieutenant Governor

Last Updated on March 4, 2024 3:14 pm

In a groundbreaking move, Lieutenant Governor Manoj Sinha inaugurated the ‘New Jammu & Kashmir Start-up Policy-2024-27’ at the Avinya Startup Summit, signaling a paradigm shift in the region’s economic landscape. The policy, designed to propel Jammu & Kashmir into a leading start-up hub by 2027, is poised to reshape the entrepreneurial terrain.

Lt Governor Sinha, in his address, commended the young innovators for their resilience, declaring the policy a significant leap for the budding start-up ecosystem in the region. With an ambitious goal of establishing 2,000 start-ups by 2027, the Lt Governor highlighted the meticulously crafted policy’s role in fostering a dynamic entrepreneurial environment.

The cornerstone of the policy is the establishment of a Rs. 250 Crore Venture Capital Fund, supported by an initial infusion of Rs. 25 Crores from the J&K Administration. Lt Governor Sinha emphasized that this fund would play a pivotal role in providing essential financial support for early-stage start-ups, encouraging the development of sustainable business models.

The policy also focuses on strengthening the start-up infrastructure by establishing new incubation centers and providing seed funding through the Jammu & Kashmir Entrepreneurship Development Institute (JKEDI). It extends additional support to female entrepreneurs, offering patent-related assistance, financial aid for mentorship, and facilitation for DPIIT registration.

Lt Governor Sinha, while addressing entrepreneurs, emphasized the need for collective action to create a dynamic economic environment in the Union Territory. He discussed the challenges and growth opportunities in various sectors and called for potential investors from across the country to explore the vast possibilities in Jammu & Kashmir.

Currently boasting 722 registered startups, the J&K UT has a strong emphasis on gender inclusivity, with 254 women-led startups. The diverse landscape includes key players in Construction & Engineering (49%), Skill Development (12%), Oil & Gas Transportation (12%), IT Consulting (8%), Business Support Services (7%), Food Processing (6%), and Agri-Tech (5%).

The Lt Governor highlighted the comprehensive survey conducted to gauge government support and incubator collaboration, revealing a significant opportunity for increased engagement. With 12 incubators and 16 partnerships/MoUs in place, the ecosystem stands poised for accelerated growth.

In closing, Lt Governor Sinha invited potential investors to contribute to the growth journey of Jammu & Kashmir, urging financial and academic institutions to play a vital role in implementing the new start-up policy effectively. The event saw the presence of key officials, industry leaders, and young entrepreneurs, underlining the collective commitment to transforming J&K into a vibrant start-up hub.

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