New startup policy with focus on setting up 2,000 startups by 2027 launched in Jammu & Kashmir
On February 22, Jammu and Kashmir administrative council headed by the lieutenant governor approved the new start-up policy in supersession to the start-up policy notified in 2018.
Jammu and Kashmir LG Manoj Sinha on Sunday launched a new start-up policy with a focus on establishing 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 start-ups, 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 in Jammu.
On February 22, the Jammu and Kashmir administrative council headed by the lieutenant governor approved the new start-up policy in supersession to the start-up policy notified in 2018.
The new policy provides for entrepreneurship facilities to students, and women and support to entrepreneurs through government, private, and high net-worth individuals (HNIs) for setting up start-ups.
Terming the launch of the new policy as a "giant leap for start-ups and innovators", the lieutenant governor said it has been meticulously drafted to establish 2,000 start-ups in the Union Territory by 2027, underscoring the commitment of the administration to foster a dynamic entrepreneurial ecosystem.
"New start-up policy aims to set up a Rs 250-crore venture capital fund, with an initial infusion of Rs 25 crore from the J&K administration. This fund will provide crucial support for growth, early-stage financial hand-holding and it will encourage the growth of viable business models," he said, addressing entrepreneurs and innovators on the occasion.
The lieutenant governor said the new start-up policy aims to establish the Union Territory as one of the leading start-up ecosystems by 2027.
"It will establish and empower new incubation centres, seed funding through J&K Entrepreneurship Development Institute (JKEDI) for developing the prototype of innovative products and provide additional support to female entrepreneurs," Sinha said.
LG Sinha called for a collective action to build a dynamic economic environment in the Union Territory where businesses can thrive, investment can prosper and entrepreneurs can actualise their aspirations.
Edited by Affirunisa Kankudti