Kashmir launches a new startup policy

Manoj Sinha, the Lieutenant Governor of Jammu and Kashmir, launched a new startup policy aimed at fostering entrepreneurship in the area. The goal of the 'New Jammu & Kashmir Start-up Policy-2024-27' is to establish 2,000 new businesses by the year 2027. This policy provides a number of incentives, including financial support for mentorship, patent help, facilitating DPIIT registration, and other activities.

"I invite the potential investors from across the country to explore the unlimited possibilities present in the Union Territory and contribute to the growth journey of Jammu Kashmir," the Lieutenant Governor said at the launch of the policy at the Avinya Startup Summit.

Headed by the Lieutenant Governor, the Jammu and Kashmir administrative council on February 22 approved the new startup policy in supersession to the startup policy notified in 2018.

The new policy offers entrepreneurship facilities to students and women and support to entrepreneurs through government, private, and high net-worth individuals (HNIs) for setting up startups.

Calling this step as a "giant leap for startups and innovators", the Lieutenant Governor emphasized that the policy has been drafted very carefully with the aim to establish 2,000 startups in the Union Territory by 2027, underscoring the commitment of the administration to foster a dynamic entrepreneurial ecosystem.

Highlighting the key features of the new J&K Start-Up Policy, he said the policy aims to set up a Rs 250 crore Venture Capital Fund, with an initial infusion of Rs 25 crore from his administration.

"This fund will provide crucial support for growth, early-stage financial handholding, and it will encourage growth of viable business models," he noted.