Jammu & Kashmir Launches Startup Policy Targeting 2,000 Startups by 2027

J&K Startup Policy: Manoj Sinha, the Lieutenant Governor of Jammu and Kashmir, unveiled the 'New Jammu & Kashmir Start-up Policy- 2024-27,' setting a target to establish 2,000 startups in the region by 2027. This policy, replacing the 2018 version, aims to boost entrepreneurship by providing patent-related assistance, financial aid for mentorship, DPIIT registration facilitation, and additional support to startups across various sectors.

During the Avinya Startup Summit, Sinha encouraged national investors to explore opportunities in the Union Territory, highlighting the commitment to fostering a vibrant entrepreneurial ecosystem. The policy introduces a Rs 250 crore Venture Capital Fund, with an initial infusion of Rs 25 crore, to support early-stage financial handholding and promote viable business models.

Sinha emphasised the importance of new incubation centers, seed funding through the J&K Entrepreneurship Development Institute and added support for female entrepreneurs. He called for collective efforts to create a thriving business environment, addressing challenges and growth prospects in different sectors.

With 722 registered startups, including 254 women-led startups, Jammu & Kashmir's startup landscape spans various industries like construction, skill development, oil & gas transportation, IT consulting, business support services, food processing, and agri-tech. The policy reflects insights from a comprehensive survey, with 69 per cent of startups seeking support for marketing and branding.

The region currently houses 12 incubators, with collaborations and Memoranda of Understanding established with various institutions and organizations to provide additional support and resources. Sinha reaffirmed the administration's dedication to empowering startups and innovators, marking the new policy as a significant stride for the entrepreneurial community in the Union Territory.

With PTI Inputs