Updated March 3rd, 2024 at 16:54 IST

Jammu and Kashmir to set up 2,000 startups by 2027 under new start-up policy

The policy will provide patent-related assistance as well as financial assistance for mentorship to recognised startups

Reported by: Business Desk
J&K LG Manoj Sinha urges industry players to invest in J&K | Image:Republic
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Jammu and Kashmir has rolled out a new start-up policy, which seeks to set up 2,000 startups by 2027 in the region.

The Lieutenant Governor of the Union Territory, Manoj Sinha announced that as part of the 'New Jammu and Kashmir Start-up Policy- 2024-27,' the emerging businesses will get help related to patents, as well as financial assistance for mentorship.

The recognised start-ups will also be facilitated with registration for the Department for Promotion of Industry and Internal Trade (DPIIT).

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They will also be provided an additional need-based support to start-ups who are working in different sectors, Sinha said in Jammu.

The Jammu and Kashmir administrative council on February 22,  helmed by lieutenant governor greenlighted the new start-up policy, subsequent to the start-up policy which was rolled out in 2018.

As part of the new policy, students and women will be entitled to the entrepreneurship facilities  through government, private and high net worth individuals (HNIs) for the establishment of start-ups.

The new policy being launched is a “giant leap for start-ups and innovators”,  the lieutenant governor said, adding that it has been drafted carefully for establishing 2,000 start-ups in the Union Territory by 2027.

This underscores the administration's commitment for fostering a dynamic entrepreneurial ecosystem.

Addressing entrepreneurs and innovators, the LG said, "The 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 growth of viable business models.” 

The new startup policy aims to establish Jammu and Kashmir as one of the leading start-up ecosystems by 2027, he added.

“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,” he said.

LG Sinha also called for a collective action to build a dynamic economic environment in the Union Territory for the thriving of businesses, and investments prospering as well as  entrepreneurs actualising their aspirations. 

(With PTI Inputs)

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Published March 3rd, 2024 at 16:54 IST