LG launches New Startup Policy with focus to set up 2,000 startups by 2027 in J&K

STATE TIMES NEWS

JAMMU: Launching the much-awaited ‘New Jammu & Kashmir Start-up Policy- 2024-27’, Lieutenant Governor Manoj Sinha on Sunday said that it aims to establish J&K as one of the leading start-up ecosystems by 2027.
“It is a giant leap for startups and innovators of Jammu Kashmir,” the Lt Governor said at the Avinya Startup Summit and congratulated the young entrepreneurs and innovators on the historic occasion.
“New Start-up Policy aims to establish J&K as one of the leading start-up ecosystems by 2027. It is a giant leap for startups and innovators of Jammu Kashmir,” he said.
Sinha said the Policy has been meticulously drafted to establish 2,000 startups in J&K by 2027, underscoring the commitment of the UT Administration to foster a dynamic entrepreneurial ecosystem.
Highlighting the key features of the new J&K Start-Up Policy, the Lt Governor said the policy aims to set up a Rs. 250 Crore Venture Capital Fund, with an initial infusion of Rs. 25 Crores from J&K Administration.
This fund will provide crucial support for growth, early-stage financial handholding and it will encourage growth of viable business models, he added.
The Lt Governor reiterated the commitment of the UT Administration 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 startup policy.
New policy will provide patent-related assistance, financial assistance for mentorship to recognised startups, facilitation for DPIIT registration and additional need-based support to start-ups working in diverse fields, he observed.
Addressing the entrepreneurs and innovators on the occasion, the Lt 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.
He also talked about the challenges and growth opportunities in different sectors in Jammu Kashmir.
J&K UT has 722 registered startups, with a notable focus on gender inclusivity, boasting 254 women-led startups. The Jammu & Kashmir startup ecosystem exhibits a diverse landscape, with Construction & Engineering emerges as a key player, 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%). This showcases the entrepreneurial diversity and the presence of startups across various industries.
The Lt Governor said the policy reflects a comprehensive survey on government support, incubator collaboration, and policy requirements. Notably, 69 per cent of startups seek support for Marketing and Branding, while the collaboration with incubators is at 7.89 per cent, presenting an opportunity for increased engagement.
Jammu & Kashmir is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages, the Lt Governor said.
He said the ecosystem benefits from collaborations, with 16 partnerships and Memoranda of Understanding (MoUs) established with various institutions and organizations to provide additional support and resources.
I invite the 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, he said.
He further impressed upon the Financial and Academic Institutions to play their vital role in effective on-ground implementation of the new startup policy.
Atal Dulloo, Chief Secretary; Vikramjit Singh, Commissioner Secretary, Industries & Commerce Department; Ramesh Kumar, Divisional Commissioner Jammu; Baldev Prakash, MD and CEO J&K Bank; Prof BS Sahay, Director IIM Jammu; Arun Manhas, Director, Industries Jammu; Ishan Verma, President JK Startups Association, officials of UT Administration, SIDBI, Startup India and young entrepreneurs were present.
CEOs and representatives of various companies and Startup ventures like Via ENS, Branding Elves, Fast Beetle, Fix and Ease, Pure Mart, MGM, Tramboo Sports were also present.