Jammu, Feb 22: The Administrative Council (AC) under the chairmanship of Lieutenant Governor Manoj Sinha has approved the J&K start-up policy 2024-27, superseding the Start-up Policy notified in 2018. The policy aims to set up 2000 new Start-ups in Jammu & Kashmir over the next 5 years.
Present at the meeting were Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; Atal Dulloo, Chief Secretary; and Mandeep Kumar Bhandari, Principal Secretary to Lieutenant Governor.
The Government of Jammu & Kashmir will establish a Venture Capital Fund of Rs. 250 Crores, with an initial infusion of up to Rs. 25 Crores. This fund will primarily invest in recognized start-ups of Jammu & Kashmir. Detailed modalities for the creation and usage of the venture funds will be worked out in consultation with the Finance Department.
Additionally, mechanisms will be devised to facilitate land allotment to start-ups with growth potential. Seed Funding of up to Rs. 20 lakhs (dispensed in 4 equal installments) will be provided to start-ups recognized by JKEDI, the nodal agency for start-ups. The policy allows for seed funding of up to 25 start-ups per year, based on available budget and the aim to effectively support a manageable number of start-ups.
The Government aims to establish 2000 start-ups within three years, prioritizing quality over quantity for long-term economic growth and efficient resource utilization. The budgetary allocation for the implementation of the Start-up Policy over three years is Rs. 39.60 Crores.
To foster entrepreneurial talent in J&K, the policy emphasizes strengthening the incubation and acceleration eco-system for start-ups. It also provides entrepreneurship facilities to students, women, and support to entrepreneurs through Government/Private/High Net worth individuals for setting up start-ups.
A High Powered Committee headed by the Chief Secretary will monitor the implementation of the scheme in the UT, with a Task Force Committee headed by the Administrative Secretary, Industries & Commerce, responsible for its execution.
