New Jammu & Kashmir Start-Up Policy Aims to Establish 2,000 Startups by 2027
- ByStartupStory | March 4, 2024
In a significant move towards fostering entrepreneurship, Jammu and Kashmir Lieutenant Governor, Manoj Sinha, unveiled the ‘New Jammu & Kashmir Start-up Policy- 2024-27’. The policy sets an ambitious target of establishing 2,000 startups in the Union Territory by 2027. Sinha emphasized the commitment of the administration to cultivate a dynamic entrepreneurial ecosystem during the launch at the Avinya Startup Summit.
“I invite 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,” stated Lieutenant Governor Manoj Sinha.
Approved on February 22 by the Jammu and Kashmir Administrative Council, the new policy replaces the 2018 startup policy. It offers patent-related assistance, financial aid for mentorship, DPIIT registration facilitation, and need-based support to startups across diverse fields.
Sinha highlighted key features, including the establishment of a Rs 250 crore Venture Capital Fund, with an initial infusion of Rs 25 crore from the administration. “This fund will provide crucial support for growth, early-stage financial handholding, and encourage the growth of viable business models,” he explained.
The policy also focuses on providing entrepreneurship facilities to students and women, extending support through government, private entities, and high net-worth individuals for startup setups.
Describing it as a “giant leap for startups and innovators,” Sinha emphasized the meticulous drafting of the policy to achieve the ambitious target of 2,000 startups by 2027.
Speaking at the occasion, Sinha called for collective action to build a dynamic economic environment in the Union Territory. He discussed challenges and growth opportunities in various sectors and encouraged entrepreneurs to realize their aspirations.
The Jammu & Kashmir startup ecosystem, currently home to 722 registered startups, exhibits notable gender inclusivity with 254 women-led startups. Construction and engineering dominate the landscape, constituting 49% of the total startups, followed by Skill Development (12%), Oil & Gas Transportation (12%), IT Consulting (8%), Business Support Services (7%), Food Processing (6%), and Agri-Tech (5%).
Sinha noted that the policy reflects a comprehensive survey on government support, incubator collaboration, and policy requirements. Marketing and branding support is a priority for 69% of startups, while incubator collaboration is at 7.89%, indicating an opportunity for increased engagement.
The Union Territory, home to 12 incubators, benefits from collaborations, with 16 partnerships and Memoranda of Understanding established with various institutions and organizations to provide additional support and resources.
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