
The new policy aims to provide entrepreneurship opportunities to students and women, as well as support entrepreneurs through government, private entities, and high net-worth individuals (HNIs) to establish startups. Jammu and Kashmir's Lieutenant Governor, Manoj Sinha, unveiled the 'New Jammu & Kashmir Start-up Policy- 2024-27' with the goal of establishing 2,000 startups in the Union Territory by 2027. This policy also includes provisions for patent-related assistance, financial aid for mentorship, facilitation for Department for Promotion of Industry and Internal Trade (DPIIT) registration, and additional support tailored to startups working in diverse fields.
At the launch of the policy at the Avinya Startup Summit, Sinha invited potential investors to explore opportunities in the Union Territory and contribute to its growth journey. Approved by the Jammu and Kashmir administrative council on February 22, the new policy emphasizes entrepreneurship support for students, women, and entrepreneurs, along with the establishment of a Rs 250 crore Venture Capital Fund, aiming to encourage growth and viability of business models. Sinha reaffirmed the commitment of the administration to establish and empower new incubation centers and seed funding through the J&K Entrepreneurship Development Institute (JKEDI), particularly supporting female entrepreneurs.
Sinha urged entrepreneurs and innovators to collaborate in building a dynamic economic environment where businesses can thrive. He highlighted the challenges and growth opportunities across different sectors in Jammu and Kashmir. With 722 registered startups in the Union Territory, including 254 women-led startups, the startup ecosystem displays a diverse landscape, notably in construction and engineering, skill development, oil & gas transportation, IT consulting, business support services, food processing, and agri-tech.
The policy reflects a comprehensive survey on government support, incubator collaboration, and policy requirements. Notably, there is a high demand for support in marketing and branding, while collaboration with incubators presents an opportunity for increased engagement. Jammu and Kashmir houses 12 incubators, crucial in nurturing and guiding startups during their early stages. Collaborations, with 16 partnerships and Memoranda of Understanding (MoUs) established with various institutions and organizations, aim to provide additional support and resources to the startup ecosystem.
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