To build 2000 new start-ups in Jammu & Kashmir during the next five years, the Administrative Council, presided over by Lieutenant Governor Manoj Sinha, has approved the J&K Start-up Policy 2024–27, which replaces the 2018 policy. With a 25-crore initial investment, the government intends to establish a 250-crore venture capital fund to assist start-ups. Furthermore, procedures for funding seeds and allocating land have been described, emphasizing quality above quantity. Rs. 39.60 Crores has been set aside in the budget for execution over three years. The strategy, which is overseen by a High Powered Committee and carried out by a Task Force Committee, intends to revive Jammu & Kashmir’s entrepreneurial scene with a focus on innovation and economic growth. This will open the door for a thriving start-up ecosystem in the region.
A major step has been taken in the direction of encouraging robust entrepreneurial growth in the region with the most recent meetings and subsequent acceptance by the Administrative Council of Jammu and Kashmir of an ambitious start-up policy blueprint. With the goal of fostering and assisting the developing start-up ecosystem in the region, Jammu and Kashmir has recently established a complete framework for start-up policies. It covers an extensive range of activities, from capacity-building programs to financial assistance systems to improvements in infrastructure. A keystone of the program is the creation of a Venture Capital Fund, which would have an initial capital of Rs. 250 crores. This represents the government’s pledge to provide funding to support the expansion of start-ups. This venture capital fund will act as a vital lifeline for aspiring business owners by providing them with the money they need to develop their operations and turn creative concepts into successful businesses. The policy also includes provisions for seed funding support. According to these rules, start-ups that have been approved by the Jammu & Kashmir Entrepreneurship Development Institute (JKEDI) can receive up to Rs. 20 lakhs in start-up investment, which will be distributed in four equal installments. With this focused financial assistance, potential start-ups will be able to overcome early obstacles and achieve long-term growth. Additionally, the strategy highlights how crucial it is to establish an ecosystem that supports start-ups by expediting regulatory procedures, easing infrastructure access, and encouraging cooperation amongst government, academic, and industrial partners. The promotion of entrepreneurship among women and students is given particular attention, with programs designed to give them the knowledge, tools, and support they need to thrive in the start-up environment. The adoption of the start-up policy plan has great potential to advance Jammu and Kashmir’s economy. Through encouraging innovation and entrepreneurship, the strategy can open up new growth channels, generate jobs, and promote economic diversification. The capacity of a robust start-up ecosystem to stimulate job creation is one of its main advantages, especially in industries with strong development prospects like technology, healthcare, and renewable energy. Start-ups will invariably create job possibilities for people with a range of skill levels as they grow and thrive, which will aid in the socio-economic growth of the area. In addition, the policy’s emphasis on encouraging women and students to start their businesses is anticipated to pay off in the long run by empowering disadvantaged groups and advancing inclusive development. Through the provision of requisite skills, information, and resources, the strategy seeks to dismantle obstacles to entrance and establish equitable conditions for all parties involved. Apart from its potential economic impact, the start-up policy plan has the potential to revolutionize Jammu and Kashmir’s cultural and social landscape by fostering a culture of creativity, daring, and adaptability. A new generation of innovators, disruptors, and change makers motivated by a common goal of creating a better future for the region could be inspired by the policy’s celebration of entrepreneurship as a force for advancement. Although the ratification of the start-up policy blueprint is a big step in the right direction, there are still obstacles to be overcome to fully execute it. To fully implement the strategy, several obstacles must be cleared, including maintaining efficient departmental coordination, resolving infrastructure limitations, and encouraging stakeholder participation. But within these difficulties are also great chances for growth, invention, and teamwork. Jammu and Kashmir has the potential to become a prominent center for innovation and entrepreneurship in the area by utilizing the combined knowledge, assets, and connections of the state, business community, and educational institutions.
In short, a new age of innovation and entrepreneurial growth in the region is signaled by the Administrative Council of Jammu and Kashmir’s adoption of the ambitious start-up policy framework. The policy possesses the capacity to unleash a surge of creativity, innovation, and prosperity by creating a favourable atmosphere for start-ups. This would not only help the entrepreneurs directly but also the community and economy at large. All parties involved in the policy’s development and implementation have a responsibility to cooperate to realize our common goal of creating a thriving and dynamic start-up ecosystem in Jammu and Kashmir.
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