J&K's Ambitious Plan: 2,000 Start-ups By 2027 To Boost Innovation

In a notable move to boost the entrepreneurial ecosystem within the Union Territory, Jammu and Kashmir Lieutenant Governor (LG) Manoj Sinha unveiled the 'New Jammu & Kashmir Start-up Policy- 2024-27' on Sunday. This ambitious initiative aims to foster the creation of 2,000 start-ups by 2027, providing a substantial lift to the region's economic prospects and innovation landscape.

The policy, approved by the Jammu and Kashmir administrative council on February 22, seeks to replace the earlier start-up policy notified in 2018. It encompasses a broad range of support mechanisms, including patent-related assistance, financial backing for mentorship to recognised start-ups, facilitation for department for promotion of industry and internal trade (DPIIT) registration, and additional support tailored to the needs of start-ups operating across various sectors.

Enhancing Entrepreneurial Ecosystem

LG Sinha articulated that the policy was meticulously drafted to not only achieve the target of establishing 2,000 start-ups but also to position Jammu and Kashmir as a leading start-up ecosystem by 2027. Central to this vision is the establishment of a Rs 250-crore venture capital fund, with an initial investment of Rs 25 crore from the J&K administration. This fund is designed to provide early-stage financial support and encourage the development of viable business models.

Furthermore, the policy outlines specific provisions for empowering new incubation centres and providing seed funding through the J&K Entrepreneurship Development Institute (JKEDI) for the development of innovative product prototypes. Notably, the policy includes additional measures to support female entrepreneurs, thereby promoting inclusivity within the start-up ecosystem.

Building a Dynamic Economic Environment

During the policy launch, LG Sinha emphasized the need for collective action to create a dynamic economic environment in Jammu and Kashmir. He highlighted the importance of fostering a landscape where businesses can flourish, investments can yield fruitful returns, and entrepreneurs can realise their ambitions.

The policy aims to extend entrepreneurship facilities to students, women, and offer support to entrepreneurs through collaborations with the government, private sector, and high net worth individuals (HNIs). By doing so, it aspires to catalyse the growth of start-ups and innovation within the Union Territory.

With the introduction of the 'New Jammu & Kashmir Start-up Policy- 2024-27', the administration under LG Sinha demonstrates a clear commitment to nurturing an entrepreneurial ecosystem that can significantly contribute to the region's economic development and innovation prowess. This initiative marks a significant step towards realizing the potential of Jammu and Kashmir as a vibrant hub for start-ups and innovation.