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Jammu and Kashmir LG Manoj Sinha launches new start-up policy Manoj Sinha
Photo courtesy: UNI

Jammu and Kashmir LG Manoj Sinha launches new start-up policy

India Blooms News Service | @indiablooms | 03 Mar 2024, 06:51 pm

Jammu and Kashmir Lieutenant Governor Manoj Sinha on Sunday launched the much-awaited 'New Jammu & Kashmir Start-up Policy- 2024-27' here at the Avinya Startup Summit.

Congratulating the young entrepreneurs and innovators, the Lt Governor said, “New Start-up Policy aims to establish J&K as one of the leading start-up ecosystems by 2027. It is a giant leap for startups and innovators of Jammu Kashmir.”

He said the policy has been meticulously drafted to establish 2,000 startups in J&K by 2027, underscoring the commitment of the UT Administration to foster a dynamic entrepreneurial ecosystem.

Highlighting the key features of the new J&K Start-Up Policy, the Lt Governor said it 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 support for growth, and early-stage financial handholding and encourage growth of viable business models, he said.

The Lt Governor reiterated the commitment of the UT Administration to establish and empower new incubation centres, seed funding through JKEDI for developing prototypes of innovative products and provide additional support to female entrepreneurs, through the new startup policy.

The 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 the entrepreneurs and innovators on the occasion, the Lt Governor 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 Kashmir. J&K UT 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 & 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 per cent), and Agri-Tech (5 percent). This showcases the entrepreneurial diversity and the presence of startups across various industries.

The Lt. Governor said the policy reflects a comprehensive survey on government support, incubator collaboration, and policy requirements. Notably, 69 percent of startups seek support for Marketing & Branding, while the collaboration with incubators is at 7.89 percent, presenting an opportunity for increased engagement.

Jammu & Kashmir is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages, the Lt Governor said.

He said the ecosystem benefits from collaborations, with 16 partnerships and Memoranda of Understanding (MoUs) established with various institutions and organizations to provide additional support and resources.

"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," he said.

He further impressed upon the Financial and Academic Institutions to play their vital role in effective on-ground implementation of the new startup policy.

Atal Dulloo, Chief Secretary; Vikramjit Singh, Commissioner Secretary, Industries and Commerce Department; Ramesh Kumar, Divisional Commissioner Jammu; Baldev Prakash, MD and CEO J&K Bank; Prof B S 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

(With UNI inputs)

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