JAMMU, Feb 22: In a significant move to bolster entrepreneurial spirit in Jammu & Kashmir, the Administrative Council, chaired by Lieutenant Governor Manoj Sinha, approved the J&K Start-Up Policy 2024-27. This groundbreaking policy aims to establish 2000 new start-ups in the region over the next five years.Key attendees at the meeting included Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; Atal Dulloo, Chief Secretary; and Mandeep Kumar Bhandari, Principal Secretary to the Lieutenant Governor.Under the policy, the Government of Jammu & Kashmir is set to establish a Venture Capital Fund amounting to Rs. 250 Crores, with an initial infusion of up to Rs. 25 Crores. This fund will primarily invest in recognized start-ups within the region. Detailed modalities for the creation and utilization of the venture fund will be developed in consultation with the Finance Department.The policy also includes provisions for facilitating land allotment to start-ups with substantial growth potential. Additionally, start-ups recognized by the Jammu & Kashmir Entrepreneurship Development Institute (JKEDI), the nodal agency for start-ups, will be eligible for one-time assistance as seed funding, capped at Rs. 20 lakhs (provided in four equal installments).To ensure efficient utilization of resources, the government has set a cap of 25 start-ups per year for seed funding. The budgetary support for the implementation of the Start-Up Policy over three years will be Rs. 39.60 Crores.Recognizing the evolving challenges in the start-up sector, the government decided to revamp the existing policy issued in 2018, incorporating feedback received from various stakeholder consultations conducted by the Industries and Commerce Department.A robust incubation and acceleration eco-system for start-ups is a focal point in the current policy, aiming to nurture and inspire entrepreneurial talent in J&K. Implementation will be monitored by a High-Powered Committee led by the Chief Secretary, with a Task Force Committee headed by the Administrative Secretary of Industries & Commerce.The policy also emphasizes providing entrepreneurship facilities to students, women, and support to entrepreneurs through Government, Private, and High Net Worth Individuals for the establishment of start-ups, reflecting a comprehensive approach to fostering a thriving start-up culture in the region.
