Manoj Sinha, the Lieutenant Governor of Jammu and Kashmir, unveiled a new startup policy aimed at establishing 2,000 startups in the Union Territory by 2027.
The ‘New Jammu & Kashmir Start-up Policy- 2024-27’ will offer patent-related aid, financial support for mentorship to recognized startups, assistance for Department for Promotion of Industry and Internal Trade (DPIIT) registration, and tailored support to startups operating in various sectors, informed Sinha.
“I extend an invitation to potential investors from across the country to discover the boundless opportunities available in the Union Territory and participate in the growth trajectory of Jammu Kashmir,” remarked the lieutenant governor during the policy launch at the Avinya Startup Summit.
On February 22, the Jammu and Kashmir Administrative Council, led by the lieutenant governor, approved the new startup policy, superseding the startup policy implemented in 2018.
The new policy includes provisions for offering entrepreneurship support to students and women, as well as assistance to entrepreneurs through government, private entities, and high-net-worth individuals (HNIs) for initiating startups.
Describing the introduction of the new policy as a “significant advancement for startups and innovators,” the lieutenant governor emphasized that it has been carefully crafted with the aim of establishing 2,000 startups in the Union Territory by 2027. This highlights the administration’s dedication to nurturing a vibrant entrepreneurial environment.
Emphasizing the key aspects of the new J&K Start-Up Policy, he revealed that the policy intends to establish a Rs 250 crore Venture Capital Fund, with an initial contribution of Rs 25 crore from his administration.
“This fund will offer essential assistance for growth, provide early-stage financial guidance, and foster the development of sustainable business models,” he remarked.
Sinha reaffirmed the administration’s dedication to establishing and reinforcing new incubation centers and seed funding via the J&K Entrepreneurship Development Institute (JKEDI) to create prototypes of innovative products and offer further assistance to female entrepreneurs under the new startup policy.
In his address to entrepreneurs and innovators, the lieutenant governor urged collective efforts to cultivate a dynamic economic landscape in the UT, fostering an environment where businesses can flourish, investments can thrive, and entrepreneurs can realize their ambitions.
He also discussed the challenges and growth prospects in various sectors in Jammu and Kashmir.
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