India: JK Govt Launches Ambitious Rs 250 cr Jammu and Kashmir Startup Policy 2024-27
Aims to establish 2000 startups by 2027
The Jammu and Kashmir administration has big plans for startups in the union territory with the launch of an ambitious new startup policy called Jammu and Kashmir Startup Policy 2024-27 that aims to establish 2000 new startups and position J&K as one of the top startup hubs in India by 2027.
Lt Governor Manoj Sinha launched the highly anticipated J&K Startup Policy 2024-27 at the Avinya Startup Summit, outlining a strategic roadmap to foster entrepreneurship and innovation.
The policy targets establishing 2000 startups through investing in incubation centers, providing seed funding, mentorship and specialized support including financial assistance for patent registration and marketing.
A key highlight is the formation of a Rs. 250 crore Venture Capital Fund with initial funding of Rs. 25 crores to help early-stage startups with critical financing and scaling up of viable business models.
Giant leap for startups & innovators! Today launched ‘New Jammu & Kashmir Start-up Policy- 2024-27’. New policy has been meticulously drafted to establish 2,000 startups in UT by 2027, underscoring our commitment to foster a dynamic entrepreneurial ecosystem. pic.twitter.com/pGIWRoqSSG
— Office of LG J&K (@OfficeOfLGJandK) March 3, 2024
Currently, J&K has over 700 registered startups focused on diverse sectors like construction, IT, agriculture and food processing. The policy survey found that majority seek support for branding and marketing while more incubator collaborations are needed.
Sinha called on investors, financial bodies and academic institutions to partner in implementing the groundbreaking policy and unlocking the entrepreneurial potential of J&K’s youth. “The policy will position J&K as a leading startup ecosystem nationally in the coming years,” he added.
Official Document of Jammu and Kashmir Startup Policy 2024-27