Lieutenant Governor Manoj Sinha of Jammu and Kashmir introduced a groundbreaking startup policy aimed at creating 2,000 startups in the region by 2027. The ‘New Jammu & Kashmir Start-up Policy 2024-27′ is designed to offer comprehensive support, including patent assistance, financial aid for mentorship to certified startups, help with registration under the Department for Promotion of Industry and Internal Trade (DPIIT), and further tailored support for startups operating in various sectors, according to Sinha.
During the Avinya Startup Summit, Sinha extended an invitation to potential investors nationwide to discover the vast opportunities in the Union Territory and contribute to Jammu and Kashmir’s developmental journey. This policy announcement comes after the administrative council of Jammu and Kashmir, led by Sinha, approved the new startup policy on February 22, replacing the one from 2018.
The policy emphasizes entrepreneurship development among students and women and outlines support mechanisms for entrepreneurs from the government, private sector, and high-net-worth individuals for startup establishment. Sinha hailed the policy’s introduction as a significant step forward for startups and innovators in the region, emphasizing its goal to foster a vibrant entrepreneurial ecosystem by 2027.
Key elements of the policy include the creation of a Rs 250 crore Venture Capital Fund, with an initial allocation of Rs 25 crore from the administration, aimed at supporting startups’ growth and early-stage development. Sinha also highlighted the commitment to bolster new incubation centers and offer seed funding through the J&K Entrepreneurship Development Institute (JKEDI) for the development of innovative product prototypes and to provide special support for women entrepreneurs.
The lieutenant governor called upon entrepreneurs and innovators to collaborate in building a dynamic economic climate in Jammu and Kashmir, where businesses can flourish, investments can grow, and entrepreneurs can realize their dreams. He also discussed the sectoral challenges and opportunities for growth within the Union Territory.
With 722 registered startups, including 254 led by women, Jammu and Kashmir’s startup ecosystem is diverse, with a significant portion in construction and engineering, followed by sectors like Skill Development, Oil & Gas Transportation, IT Consulting, Business Support Services, Food Processing, and Agri-Tech.
Sinha underscored the policy’s foundation on a detailed survey of government assistance, incubator collaboration, and policy needs. He noted a significant demand for Marketing and Branding support among startups, alongside a relatively low engagement rate with incubators, pointing towards an opportunity for enhanced collaboration.
The region hosts 12 incubators crucial for startup growth in their early stages and benefits from 16 partnerships and Memoranda of Understanding (MoUs) with various institutions and organizations, further enriching the startup ecosystem’s resources and support network.
