In a significant move aimed at fostering entrepreneurship and economic growth, the Administrative Council (AC) of Jammu & Kashmir, chaired by Lieutenant Governor Manoj Sinha, has given the green light to the J&K Start-up Policy 2024-27. This policy, superseding its 2018 predecessor, sets a bold target of establishing 2000 new start-ups in the region over the next five years.
Empowering Entrepreneurs:
The newly approved policy is designed to provide comprehensive support to aspiring entrepreneurs, with a particular focus on students and women. It outlines measures to facilitate the establishment of start-ups through government initiatives, private sector collaboration, and engagement with high net worth individuals.
Key Provisions:
Under the purview of the policy, the Government of Jammu & Kashmir will establish a dedicated Venture Capital Fund amounting to Rs. 250 Crores. Initial funding of up to Rs. 25 Crores will be infused into this fund, primarily directed towards investment in recognized start-ups within the region. Detailed modalities for the utilization of the venture fund will be developed in consultation with the Finance Department.
Additionally, the policy envisages mechanisms to streamline the allotment of land to promising start-ups, enhancing their growth potential. Start-ups recognized by the Jammu & Kashmir Entrepreneurship Development Institute (JKEDI), the nodal agency for start-ups, will also receive one-time seed funding assistance of up to Rs. 20 lakhs, provided in four equal installments.
Prioritizing Quality Over Quantity:
While aiming for the establishment of 2000 start-ups within three years, the government emphasizes the importance of strategic investment in a select number of start-ups to ensure long-term economic sustainability. By providing targeted seed funding to a manageable number of ventures, the policy seeks to optimize resource utilization and foster a culture of innovation.
Budgetary Allocations and Oversight:
The implementation of the Start-up Policy 2024-27 is backed by a budgetary allocation of Rs. 39.60 Crores over a period of three years. To oversee its effective execution, a High-Powered Committee led by the Chief Secretary will monitor progress, with a Task Force Committee under the Administrative Secretary of Industries & Commerce responsible for day-to-day implementation.
A Vision for Economic Transformation:
In aligning with the evolving needs of the entrepreneurial landscape, the revised start-up policy reflects a commitment to nurturing and inspiring talent within Jammu & Kashmir. It underscores the government’s proactive stance in creating a vibrant start-up ecosystem to drive economic growth and job creation in the region.
Stakeholder Consultations and Adaptability:
Drawing insights from extensive stakeholder consultations conducted by the Industries and Commerce Department, the policy has been tailored to address the unique challenges and opportunities within Jammu & Kashmir’s start-up ecosystem. Emphasizing the importance of incubation and acceleration support, the policy aims to catalyze innovation and entrepreneurship across the UT.
Looking Ahead:
With the launch of the Start-up Policy 2024-27, Jammu & Kashmir embarks on a transformative journey towards becoming a hub for innovation and enterprise. By fostering a conducive environment for start-up growth and investment, the government paves the way for sustainable economic development and prosperity in the region.
