In a groundbreaking move aimed at catalyzing innovation and entrepreneurship, the Jammu and Kashmir Administrative Council (AC) under the leadership of Lieutenant Governor Manoj Sinha has given the nod to the J&K Start-up Policy 2024-27. This visionary policy, which supersedes the earlier Start-up Policy of 2018, is set to revolutionize the entrepreneurial landscape by fostering a dynamic ecosystem conducive to start-up growth and success. The overarching objective? To nurture and propel the creation of 2000 new start-ups within the next five years, signaling a bold leap forward towards economic prosperity and job creation.
The approval of this transformative policy was marked by the presence of key dignitaries including Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; Atal Dulloo, Chief Secretary; and Mandeep Kumar Bhandari, Principal Secretary to the Lieutenant Governor, underscoring the government’s commitment to driving innovation and entrepreneurship at the highest levels.
One of the most significant highlights of the policy is the establishment of a dedicated Venture Capital Fund amounting to Rs. 250 Crores by the Government of Jammu & Kashmir, with an initial infusion of Rs. 25 Crores. This pioneering fund is designed to actively invest in promising start-ups within the region, providing crucial financial support and fueling their growth trajectory. The specifics of the fund’s creation and utilization will be meticulously crafted in collaboration with the Finance Department to ensure optimal impact and sustainability.
Moreover, the policy goes beyond mere financial support, with targeted measures to empower aspiring entrepreneurs, particularly students and women. It envisages seamless access to state-of-the-art entrepreneurship facilities offered by both public and private entities, creating an enabling environment for innovation to thrive. Additionally, eligible start-ups recognized by the J&K Entrepreneurship Development Institute (JKEDI), the focal point for start-ups in the region, stand to benefit from one-time seed funding assistance of up to Rs. 20 lakhs, disbursed in four equal installments.
While the goal of establishing 2000 start-ups within three years underscores the policy’s ambitious vision, the strategic emphasis on providing seed funding to a select cohort of high-potential start-ups reflects a nuanced approach towards sustainable growth and impact. This strategic allocation of resources not only ensures effective utilization but also prioritizes quality and scalability, laying the groundwork for long-term economic resilience and competitiveness.
With a dedicated budget allocation of Rs. 39.60 Crores earmarked for the implementation of the Start-up Policy over the next three years, the government is poised to create a vibrant and robust start-up ecosystem in Jammu and Kashmir. This substantial investment underscores the government’s unwavering commitment to nurturing innovation and entrepreneurship as catalysts for economic transformation and job creation in the region.
The revamped policy, informed by extensive stakeholder consultations and feedback, is designed to adapt to evolving challenges and seize emerging opportunities in the dynamic start-up landscape. To ensure effective implementation and oversight, a High-Powered Committee led by the Chief Secretary will oversee policy monitoring, while a Task Force Committee headed by the Administrative Secretary of Industries & Commerce will drive its execution on the ground.
In essence, the approval of the J&K Start-up Policy 2024-27 heralds a new era of innovation, growth, and opportunity in the region. By fostering a culture of innovation and entrepreneurship, the government is not only unlocking the untapped potential of Jammu and Kashmir but also positioning the region as a beacon of economic dynamism and resilience on the national stage.
