J&K launches start-up policy, aims to set up 2,000 new units

Naseer Ganai

Srinagar, March 3

The J&K administration today launched the ‘New Jammu and Kashmir Start-up Policy 2024-27’ that focuses on creation of 2,000 start-ups in the Union Territory by 2027. “It is a giant leap for start-ups and innovators of J&K,” Lieutenant Governor Manoj Sinha said while launching the policy in Jammu.

The UT currently has 722 registered start-ups, including 254 led by women. The start-up ecosystem in J&K is characterised by its diversity, with construction and engineering leading the pack, comprising 49% of the total start-ups. Other prominent sectors include skill development (12%), oil and gas transportation (12%), IT consulting (8%), business support services (7%), food processing (6%) and agri-tech (5%). This dynamic landscape underscores the entrepreneurial diversity and the widespread presence of start-ups across various industries.

The policy aims to set up a Rs 250-crore ventures 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 it will encourage growth of viable business models, he added. Sinha said the government is committed to establish and empower new incubation centres, seed funding through JKEDI for developing prototype of innovative products and provide additional support to female entrepreneurs through the new start-up policy. The new policy will provide patent-related assistance, financial assistance for mentorship to recognised start-ups, facilitation for DPIIT registration and additional need-based support to start-ups working in diverse fields, he said.

Admn to come up with venture capital fund

• The new policy aims to set up 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 of viable business models.
• The UT currently has 722 registered start-ups, including 254 led by women.

“The Lieutenant Governor called for collective action to build dynamic economic environment in the UT where business can thrive, investment can prosper and entrepreneurs can actualise their aspirations,” a government spokesman said.

He also talked about the challenges and growth opportunities in different sectors in J&K.

The L-G said the policy reflected a comprehensive survey on government support, incubator collaboration and policy requirements. Notably, 69% of the start-ups seek support for marketing and branding, while the collaboration with incubators is at 7.89%, presenting an opportunity for increased engagement.” “J&K is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages,” Sinha added.

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.

Nurturing new firms

J&K is home to 12 incubators, playing a vital role in nurturing and guiding start-ups. — Manoj Sinha, Lieutenant Governor

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