The Jammu & Kashmir government has taken a significant step forward in its efforts to foster entrepreneurship and economic growth in the region by approving the J&K Start-up Policy 2024-27. This decision, made by the Administrative Council (AC) under the leadership of Lieutenant Governor Manoj Sinha, marks a pivotal moment in the region’s journey towards creating a vibrant start-up ecosystem.
The new policy, which supersedes the one notified in 2018, is aimed at setting up 2000 new start-ups in Jammu & Kashmir over the next five years. This ambitious goal reflects the government’s commitment to unlocking the entrepreneurial potential of the region and positioning it as a hub for innovation and economic prosperity.
One of the key features of the policy is its focus on providing entrepreneurship facilities to students and women, ensuring that all segments of society have equal opportunities to participate in the start-up ecosystem. Additionally, the policy emphasizes support for entrepreneurs through a combination of government initiatives, private investment, and high net worth individuals.
To facilitate the growth of start-ups in the region, the government will establish a Venture Capital Fund with an initial infusion of Rs 25 crores, which will eventually amount to Rs 250 crores. This fund will primarily invest in recognized start-ups in Jammu & Kashmir, providing them with the financial resources they need to scale and succeed.
Furthermore, the policy outlines mechanisms for seed funding and land allotment to start-ups, as well as detailed modalities for the usage of the venture fund. The government aims to ensure that these resources are utilized efficiently to maximize the impact on the start-up ecosystem.
In addition to financial support, the policy also focuses on strengthening the incubation and acceleration ecosystem for start-ups in Jammu & Kashmir. This includes measures to enhance the support infrastructure, such as providing access to mentorship, networking opportunities, and other resources necessary for start-up success.
The implementation of the policy will be closely monitored by high-powered committees headed by top government officials, ensuring effective execution and accountability. With a budgetary support of Rs 39.60 crores over three years, the government is committed to creating an enabling environment for start-ups to thrive and contribute to the economic growth of Jammu & Kashmir.
Overall, the J&K Start-up Policy 2024-27 represents a significant milestone in the region’s journey towards building a vibrant and sustainable start-up ecosystem. By fostering entrepreneurship, innovation, and economic growth, the policy aims to unlock the full potential of Jammu & Kashmir and position it as a leading destination for start-ups in India.
