J&K Launches Bold Start-up Policy 2024-27: Paving the Way for Entrepreneurial Revolution!
In a significant move to foster entrepreneurship and innovation, the Jammu and Kashmir Administrative Council (AC), chaired by Lieutenant Governor Manoj Sinha, has given the green light to the J&K Start-up Policy 2024-27. This policy, which supersedes the earlier Start-up Policy of 2018, aims to cultivate a thriving ecosystem for start-ups in the region, with the ambitious goal of nurturing 2000 new start-ups within the next five years.
Key officials including Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; Atal Dulloo, Chief Secretary; and Mandeep Kumar Bhandari, Principal Secretary to the Lieutenant Governor, were present at the meeting where the policy was approved.
One of the highlights of the new policy is the establishment of a Venture Capital Fund worth Rs. 250 Crores by the Government of Jammu & Kashmir, with an initial infusion of Rs. 25 Crores. This fund is earmarked to primarily invest in recognized start-ups within the region. Detailed modalities for the creation and utilization of this venture fund will be worked out in consultation with the Finance Department.
Furthermore, the policy outlines support measures for budding entrepreneurs, including students and women, by facilitating access to entrepreneurship facilities provided by both governmental and private entities. Additionally, there is provision for one-time seed funding assistance of up to Rs. 20 lakhs, to be distributed in four equal installments, for start-ups recognized by the J&K Entrepreneurship Development Institute (JKEDI), the nodal agency for start-ups in the region.
While the government is committed to establishing 2000 start-ups within three years, the focus on providing seed funding to a select number of high-potential start-ups underscores a strategic approach towards long-term economic growth. This approach not only ensures efficient utilization of resources but also prioritizes quality over quantity.
With an allocated budget of Rs. 39.60 Crores for the implementation of the Start-up Policy over the next three years, the government aims to create a vibrant and robust start-up ecosystem in Jammu and Kashmir. Recognizing the need to adapt to evolving challenges in the sector, the policy has been revamped based on feedback received from various stakeholder consultations.
To oversee the implementation of the policy, a High Powered Committee headed by the Chief Secretary will be responsible for monitoring, while a Task Force Committee headed by the Administrative Secretary of Industries & Commerce will oversee its execution on the ground.
The approval of the J&K Start-up Policy 2024-27 reflects the government’s commitment to fostering a culture of innovation and entrepreneurship, thereby unlocking the region’s immense potential for economic growth and job creation.