New startup policy with focus to set up 2,000 startups by 2027 launched in J&K

New startup policy with focus to set up 2,000 startups by 2027 launched in J&K

Jammu and Kashmir LG Manoj Sinha launched a new startup policy with a focus to establish 2,000 startups in the Union Territory by 2027.

The 'New Jammu & Kashmir Start-up Policy- 2024-27' will also provide patent-related assistance, financial assistance for mentorship to recognised startups, facilitation for department for the promotion of industry and internal trade (DPIIT) registration and additional need-based support to startups working in diverse fields, Sinha said.

"I invite the potential investors from across the country to explore the unlimited possibilities present in the Union Territory and contribute to the growth journey of Jammu Kashmir," the lieutenant governor said at the launch of the policy at the Avinya Startup Summit here.

On February 22, the Jammu and Kashmir administrative council headed by the lieutenant governor approved the new startup policy in supersession to the startup policy notified in 2018.

The new policy provides for providing entrepreneurship facilities to students and women and support to entrepreneurs through government, private and high net-worth individuals (HNIs) for setting up startups.

Terming the launch of the new policy as a "giant leap for startups and innovators", the lieutenant governor said it has been meticulously drafted to establish 2,000 startups in the Union Territory by 2027, underscoring the commitment of the administration to foster a dynamic entrepreneurial ecosystem.

Highlighting the key features of the new J&K Start-Up Policy, he said the policy aims to set up a Rs 250 crore Venture Capital Fund, with an initial infusion of Rs 25 crore from his administration.

"This fund will provide crucial support for growth, early-stage financial handholding, and it will encourage growth of viable business models," he noted.

Sinha reiterated the commitment of the administration to establish and empower new incubation centres and seed funding through the J&K Entrepreneurship Development Institute (JKEDI) for developing prototypes of innovative products and providing additional support to female entrepreneurs through the new startup policy.

Addressing entrepreneurs and innovators on the occasion, the lieutenant governor called for collective action to build a dynamic economic environment in the UT where business can thrive, investment can prosper and entrepreneurs can actualise their aspirations.

He also talked about the challenges and growth opportunities in different sectors in Jammu and Kashmir.

The Union Territory has 722 registered startups, with a notable focus on gender inclusivity, boasting 254 women-led startups.

The Jammu & Kashmir startup ecosystem exhibits a diverse landscape, with construction and engineering emerging as a key player, constituting 49 per cent of the total startups, followed by Skill Development (12 per cent), Oil & Gas Transportation (12 per cent), IT Consulting (8 per cent), Business Support Services (7 per cent), Food Processing (6 per cent), and Agri-Tech (5 per cent).

This showcases the entrepreneurial diversity and the presence of startups across various industries, he said.

The Lt Governor said the policy reflects a comprehensive survey on government support, incubator collaboration and policy requirements.

Notably, 69 per cent of startups seek support for Marketing and Branding, while the collaboration with incubators is at 7.89 per cent, presenting an opportunity for increased engagement.

Jammu and Kashmir is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages, Sinha said.

He said the ecosystem benefits from collaborations, with 16 partnerships and Memoranda of Understanding (MoUs) established with various institutions and organisations to provide additional support and resources.