A new startup policy has been given the green light in the region of Jammu and Kashmir.

The Jammu and Kashmir administration has approved a new startup policy aiming to establish 2,000 startups by 2027 in the Union Territory. Under the leadership of Lieutenant Governor Manoj Sinha, the Administrative Council sanctioned the J&K Startup Policy 2024-27, superseding the 2018 policy. This new policy focuses on providing entrepreneurship support to students, women, and entrepreneurs through government, private, and high net worth individuals.

To bolster startup growth, the administration plans to establish a Venture Capital Fund worth Rs 250 crore, with an initial infusion of up to Rs 25 crore. This fund will primarily invest in recognized startups of J&K. Additionally, the J&K Entrepreneurship Development Institute (JKEDI) will facilitate land allotment to startups with growth potential. Seed funding assistance of up to Rs 20 lakh will be provided to selected startups, with a cap of 25 startups per year, ensuring efficient resource utilization.

The government's commitment to establishing 2,000 startups in three years underscores its focus on long-term economic growth. With a budgetary allocation of Rs 39.60 crore for three years, the policy aims to create a vibrant startup ecosystem. Feedback from stakeholders emphasized the need to strengthen incubation and acceleration support, which has been addressed in the new policy.

Monitoring and implementation of the scheme will be overseen by a high-powered committee led by the chief secretary, with a task force committee headed by the administrative secretary of Industries and Commerce.