In a bid to catalyze economic growth and stimulate entrepreneurship, the Administrative Council (AC) of Jammu & Kashmir, chaired by Lieutenant Governor Manoj Sinha, has given the green light to the development of seven new Industrial Estates and the adoption of an updated Startup Policy.
The AC, comprising Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor, and Atal Dulloo, Chief Secretary and Mandeep Kumar Bhandari, Principal Secretary to Lieutenant Governor convened to address critical initiatives aimed at fostering industrialization and nurturing the startup ecosystem in the union territory.
The proposed Industrial Estates, strategically located across various districts, encompass a total land area of 5290 kanals and require an investment of Rs. 304.51 Crores. These estates are poised to become hubs of economic activity, attracting investments and generating employment opportunities for thousands of individuals. Among the designated areas are Banderpora Budgam, Sempora Medicity Srinagar, Bhagthali Kathua, Karandi Samba, Trenz Shopian, Hariparigam Tral Pulwama, and Khunmoh Pantha Chowk Srinagar.
Each Industrial Estate holds immense potential, with estimated investments ranging from Rs. 22.60 Crores to Rs. 83.13 Crores, and employment generation forecasts ranging from hundreds to thousands of jobs. Notable implementing agencies such as IRCON and NBCC have been tasked with ensuring the timely and efficient execution of these projects, which are expected to significantly contribute to the socio-economic landscape of Jammu & Kashmir.
Simultaneously, the AC approved the J&K Startup Policy 2024-27, signaling a renewed commitment to nurturing innovation and entrepreneurship in the region. With a target of establishing 2000 new startups over the next five years, the policy aims to create a conducive environment for budding entrepreneurs by providing comprehensive support mechanisms.
Central to the startup policy is the establishment of a Venture Capital Fund worth Rs. 250 Crores, with an initial infusion of Rs. 25 Crores, aimed at fueling the growth of innovative startups. Additionally, provisions for seed funding and facilitation of land allotment underscore the government’s dedication to fostering a thriving startup ecosystem in Jammu & Kashmir.
To ensure effective implementation and oversight of the policy, a High Powered Committee led by the Chief Secretary will monitor its execution, while a Task Force Committee headed by the Administrative Secretary of industries & Commerce, will oversee day-to-day operations.
The approval of these initiatives reflects the proactive approach of the Jammu & Kashmir government in promoting industrialization and entrepreneurship, signaling a new era of economic resurgence and opportunity in the union territory.
