SRINAGAR, FEB 28: The Jammu and Kashmir government has announced its plans to facilitate the setup of at least 2,000 new startups in the Union Territory over the next 5 years.
This policy replaces the previous Startup Policy of 2018 and outlines several measures and initiatives to empower entrepreneurs and stimulate economic growth.
According to the official order issued by Vikramjit Singh, Commissioner/Secretary to the Government, the new policy is designed to engage entrepreneurs, mentors, investors, and catalysts through various interventions, tie-ups, and scheduled events. It aims to enrich entrepreneurs by providing access to educational programs and institutions to enhance startup performance at different stages, including pre-incubation, incubation, and acceleration.
One of the key highlights of the policy is the establishment of new state-of-the-art incubation centers across Jammu and Kashmir to support startups in accessing facilities and resources essential for their growth and development. The government also pledges to facilitate the setup of at least 2000 new startups in the region over the next five years.
In a significant move to attract investments, the government plans to establish Venture Capital Funds totalling Rs 250 crore. Initially, the government will infuse a maximum of Rs 25 Crores as seed funding into this venture capital fund, which will be managed professionally to attract additional funding from various sources such as angel investors, entrepreneurs, accelerators, and incubators.
Additionally, the policy includes provisions for loan guarantee programs to facilitate startups in accessing loans under the Credit Guarantee Scheme for Start-ups. Start-ups recognized by the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) and the Department for Promotion of Industry and Internal Trade (DPIIT) will be eligible for a one-time assistance of up to 20 lakhs for prototype development and marketing activities.
The government has earmarked a special fund of Rs 10 Lakhs through JKEDI to provide specific technical mentorship support for startups, especially in areas where local expertise is lacking. To ensure effective implementation and monitoring of the policy, a High-Level Empowered Committee (HLEC) for Start-ups will be established, along with a task force to oversee policy implementation and decisions.
Furthermore, the policy emphasizes the importance of updating school, college, and university curriculums to include compulsory courses on Entrepreneurship Development. It also introduces initiatives such as the Student Entrepreneur in Residence (SER) program and travel assistance for startups to approach global universities, accelerators, and investors.
The policy also aims to recognize and reward outstanding startups through an annual Startup competition, where awards will be presented to top-performing startups in various categories. With these comprehensive measures and initiatives, the Jammu and Kashmir Startup Policy 2024-27 seeks to create a thriving entrepreneurial ecosystem and position the region as a hub for innovation and economic growth.
