J&K launches ambitious start-up policy 2024-27 to foster entrepreneurship

In a significant move aimed at fostering innovation and entrepreneurship in the region, the Administrative Council (AC) chaired by Lieutenant Governor Manoj Sinha approved the Jammu & Kashmir Start-up Policy 2024-27. This policy, designed to supersede the earlier Start-up Policy of 2018, aims to establish 2000 new start-ups in the region over the next five years.

The meeting, attended by key officials including Advisor Rajeev Rai Bhatnagar, Chief Secretary Atal Dulloo, and Principal Secretary Mandeep Kumar Bhandari, highlighted the government’s commitment to nurturing a vibrant start-up ecosystem in the UT.

Under the newly approved policy, the Government of Jammu & Kashmir will establish a Venture Capital Fund amounting to Rs. 250 Crores, with an initial infusion of up to Rs. 25 Crores. This fund will primarily invest in recognized start-ups within the region, with detailed modalities to be worked out in consultation with the Finance Department.

Additionally, mechanisms will be devised to facilitate land allotment to start-ups with significant growth potential. The policy also includes provisions for one-time seed funding assistance of up to Rs. 20 lakhs (dispersed in four equal installments) to start-ups recognized by JKEDI, the nodal agency for start-ups in the region. However, there will be a capping of 25 start-ups per year for seed funding, based on budget availability and the aim to effectively support a manageable number of start-ups.

Emphasizing quality over quantity, the Government aims to prioritize resources towards carefully selected start-ups to ensure long-term economic growth and efficient resource utilization. The budgetary allocation for the implementation of the Start-up Policy over three years amounts to Rs. 39.60 Crores.

Recognizing the need to revamp existing policies to address evolving challenges, the new Start-up Policy incorporates feedback from various stakeholders, particularly in strengthening the incubation and acceleration ecosystem for start-ups.

To ensure effective implementation, a High Powered Committee headed by the Chief Secretary will monitor the scheme, while a Task Force Committee led by the Administrative Secretary of Industries & Commerce will oversee execution on the ground.

The policy also underscores the government’s commitment to providing entrepreneurship opportunities to students, women, and other aspiring entrepreneurs through collaboration with government, private, and high net-worth individuals, fostering a culture of innovation and enterprise in Jammu & Kashmir.