Lieutenant Governor Manoj Sinha inaugurated the highly anticipated ‘New Jammu & Kashmir Start-up Policy 2024-27’ today at the Avinya Startup Summit, marking a significant milestone in the region’s journey towards fostering innovation and entrepreneurship.
In his address, Lt. Governor Sinha extended heartfelt congratulations to the young entrepreneurs and innovators gathered, recognizing the historic importance of the occasion. He emphasized the policy’s overarching goal of positioning Jammu & Kashmir as a leading start-up ecosystem by 2027, heralding a new era of growth and opportunity for the region’s budding entrepreneurs.
“The New Start-up Policy represents a giant leap for the startups and innovators of Jammu Kashmir,” remarked Lt. Governor Sinha, underscoring the meticulous drafting process aimed at establishing 2,000 startups in the region by 2027. He reiterated the UT Administration’s unwavering commitment to nurturing a dynamic entrepreneurial ecosystem conducive to innovation and growth.
Key highlights of the policy include the establishment of a Rs. 250 Crore Venture Capital Fund, with an initial infusion of Rs. 25 Crores from the J&K Administration, aimed at providing essential support for early-stage financial handholding and fostering the growth of viable business models.
Furthermore, Lt. Governor Sinha reaffirmed the administration’s dedication to establishing and empowering new incubation centers, providing seed funding through JKEDI for developing innovative prototypes, and offering additional support to female entrepreneurs through the new startup policy.
The policy also encompasses provisions for patent-related assistance, financial support for mentorship to recognized startups, facilitation for DPIIT registration, and additional need-based assistance for startups operating in diverse fields, further solidifying the UT’s commitment to fostering a conducive environment for entrepreneurial success. Addressing the gathering, Lt. Governor Sinha emphasized the importance of collective action in building a dynamic economic environment where businesses can thrive, investments can prosper, and entrepreneurs can realize their aspirations. He also highlighted the challenges and growth opportunities present in various sectors across Jammu Kashmir.
Currently, J&K UT boasts 722 registered startups, with a notable focus on gender inclusivity, exemplified by 254 women-led startups. The startup ecosystem exhibits a diverse landscape, with key players in Construction & Engineering, Skill Development, Oil & Gas Transportation, IT Consulting, Business Support Services, Food Processing, and Agri-Tech sectors.
The Lt. Governor underscored the policy’s comprehensive approach, reflecting a thorough survey on government support, incubator collaboration, and policy requirements. Collaboration with incubators stands at 7.89%, presenting an opportunity for increased engagement to further bolster the startup ecosystem. Jammu & Kashmir is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages. The ecosystem benefits from 16 partnerships and Memoranda of Understanding (MoUs) with various institutions and organizations to provide additional support and resources.
In closing, Lt. Governor Sinha invited potential investors from across the country to explore the abundant possibilities in the Union Territory and contribute to the growth journey of Jammu Kashmir. He urged financial and academic institutions to play a pivotal role in the effective implementation of the new startup policy.
The inauguration ceremony witnessed the esteemed presence of notable dignitaries, including Chief Secretary Atal Dulloo, Commissioner Secretary Vikramjit Singh, Divisional Commissioner Jammu Ramesh Kumar, MD and CEO J&K Bank Baldev Prakash, Director IIM Jammu Prof. BS Sahay, Director Industries Jammu Arun Manhas, President JK Startups Association Ishan Verma, alongside officials of UT Administration, SIDBI, Startup India, and young entrepreneurs. CEOs and representatives of various companies and startup ventures like Via ENS, Branding Elves, Fast Beetle, Fix and Ease, Pure Mart, MGM, Tramboo Sports also graced the occasion with their presence, reflecting the collective enthusiasm and optimism toward the region’s burgeoning startup ecosystem.
