Says aim is to establish J&K as leading start-up ecosystems
Jammu: Lieutenant Governor Manoj Sinha on Sunday launched a new startup policy with a focus to establish 2,000 startups in the Union Territory by 2027, an official press release informed.
The ‘New Jammu & Kashmir Start-up Policy- 2024-27’ will also provide patent-related assistance, financial assistance for mentorship to recognised startups, 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.
“I invite the potential investors from across the country to explore the unlimited possibilities present in the Union Territory and contribute to the growth journey of Jammu Kashmir,” the LG said at the launch of the policy at the Avinya Startup Summit here.
On February 22, the Jammu and Kashmir Administrative Council headed by the LG had approved the new startup policy in supersession to the startup policy notified in 2018.
The new policy provides for providing entrepreneurship facilities to students and women and support to entrepreneurs through government, private and high net-worth individuals (HNIs) for setting up startups.
Terming the launch of the new policy as a “giant leap for startups and innovators”, the LG said it has been meticulously drafted to establish 2,000 startups in the Union Territory by 2027, underscoring the commitment of the administration to foster a dynamic entrepreneurial ecosystem.
Highlighting the key features of the new J&K Start-Up Policy, he said the policy aims to set up a Rs 250 crore Venture Capital Fund, with an initial infusion of Rs 25 crore from his administration.
“This fund will provide crucial support for growth, early-stage financial handholding, and it will encourage growth of viable business models,” he noted.
Sinha reiterated the commitment of the administration to establish and empower new incubation centres and seed funding through the J&K Entrepreneurship Development Institute (JKEDI) for developing prototypes of innovative products and providing additional support to female entrepreneurs through the new startup policy.
New policy will provide patent-related assistance, financial assistance for mentorship to recognised startups, facilitation for DPIIT registration and additional need-based support to start-ups working in diverse fields, he observed.
Addressing entrepreneurs and innovators on the occasion, the LG called for collective action to build a dynamic economic environment in the UT where business can thrive, investment can prosper and entrepreneurs can actualise their aspirations.
He also talked about the challenges and growth opportunities in different sectors in Jammu and Kashmir.
The Union Territory has 722 registered startups, with a notable focus on gender inclusivity, boasting 254 women-led startups.
The Jammu & Kashmir startup ecosystem exhibits a diverse landscape, with construction and engineering emerging as a key player, constituting 49 percent of the total startups, followed by Skill Development (12 percent), Oil & Gas Transportation (12 percent), IT Consulting (8 percent), Business Support Services (7 percent), Food Processing (6 percent), and Agri-Tech (5 percent).
This showcases the entrepreneurial diversity and the presence of startups across various industries, he said.
The LG said the policy reflects a comprehensive survey on government support, incubator collaboration and policy requirements.
Notably, 69 percent of startups seek support for Marketing and Branding, while the collaboration with incubators is at 7.89 percent, presenting an opportunity for increased engagement.
Jammu and Kashmir is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages, Sinha said.
He said the ecosystem benefits from collaborations, with 16 partnerships and Memoranda of Understanding (MoUs) established with various institutions and organisations to provide additional support and resources.
Atal Dulloo, Chief Secretary; Vikramjit Singh, Commissioner Secretary, Industries & Commerce Department; Ramesh Kumar, Divisional Commissioner Jammu; Baldev Prakash, MD and CEO J&K Bank; Prof BS Sahay, Director IIM Jammu; Arun Manhas, Director, Industries Jammu; Ishan Verma, President JK Startups Association, officials of UT administration, SIDBI, Startup India and young entrepreneurs were present.
CEOs and representatives of various companies and Startup ventures like Via ENS, Branding Elves, Fast Beetle, Fix and Ease, Pure Mart, MGM, Tramboo Sports were also present.
