SRINAGAR: Lieutenant Governor Manoj Sinha launched the much-awaited ‘New Jammu and Kashmir Start-up Policy- 2024-27’ at the Avinya Startup Summit on Sunday. The Policy aims to establish 2,000 startups in JK by 2027, underscoring the commitment of the UT Administration to foster a dynamic entrepreneurial ecosystem, a DIPR statement said.
Sinha highlighted key features, including a Rs 250 Crore Venture Capital Fund to be set up, with an initial infusion of Rs 25 Crores from JK Administration. “This fund will provide crucial support for growth, early-stage financial handholding and it will encourage growth of viable business models,” he added.
The Lt Governor reiterated the commitment of the UT Administration to establish and empower new incubation centres, seed funding through JKEDI for developing prototype of innovative products and provide additional support to female entrepreneurs, through the new startup policy.
“New policy will provide patent-related assistance, financial assistance for mentorship to recognised startups, facilitation for DPIIT registration and additional need-based support to start-ups working in diverse fields,” he observed.
He also talked about the challenges and growth opportunities in different sectors in Jammu Kashmir.
JK UT has 722 registered startups, with a notable focus on gender inclusivity, boasting 254 women-led startups. Construction and Engineering is the leading sector, constituting 49% of startups, followed by Skill Development (12%). The policy reflects a comprehensive survey, with 69 percent of startups seeking support for Marketing and Branding. Collaboration with incubators stands at 7.89percent. Sinha invited potential investors and urged Financial and Academic Institutions to play a vital role in policy implementation.
“Jammu Kashmir is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages,” the Lt Governor 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. “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,” he said.
He further impressed upon the Financial and Academic Institutions to play their vital role in effective on-ground implementation of the new startup policy.
