India : New Industrial and Startup Investments to Boost J&K Economy
Manoj Sinha, Lieutenant Governor of J&K, chaired a meeting of the Administrative Council on February 22nd to review proposals for industrial development and supporting startups in the region. The council approved plans worth Rs. 304 crore to set up industrial estates spread across 5,290 kanals of land in Budgam, Srinagar, Kathua, Samba, Shopian, Pulwama and Srinagar.
These new estates are estimated to bring in investments of Rs. 8,700 crore and have the potential to create 28,376 new jobs. Some of the major upcoming industrial hubs include a medical city in Sembora, Srinagar which alone can generate 11,643 employment opportunities.
Alongside new industrial estates, the Administrative Council also cleared the J&K Startup Policy 2024-27, aiming to foster an entrepreneurial culture in the region. The policy targets the creation of 2,000 new startups over the next five years. A venture capital fund of Rs. 250 crore will also be setup to invest in local startups, and seed funding of up to Rs. 20 lakh will be provided to selected startups recognised by the J&K Entrepreneurship Development Institute.
With a focus on promoting innovation and growth, the new industrial and startup investments mark an important step forward for Jammu and Kashmir’s economic development. The Lt. Governor stated that the youth of J&K will be the biggest beneficiaries, with ample new employment opportunities on the horizon.
