Naman Jain
Jammu and Kashmir is a witness to a huge increase in the number of start-ups by the youth of the region. More than 500-odd start-ups have been registered in the valley since the abrogation of Article 370. A particular initiative for Startups and R&D activities in the new and developing sectors in the university ecosystems of Jammu & Kashmir was launched by Union Minister of State for Science & Technology Dr. Jitendra Singh. The key industries in which these start-ups have been launched include e-commerce, horticulture, agriculture, the food industry, and crafts. JK is at top position among all UTs and the North-East region in the third edition of the “Ranking of States on Support to Startup Ecosystems” published by government of India.
In recent years, the scenic region of the UT has witnessed a remarkable transformation, as its startup ecosystem has flourished due to paving the way for innovation, lots of employment opportunities and increasing economic growth. The convergence of government initiatives, investor interest, and entrepreneurial talent has propelled the UT’s startup scene to new heights. One of the key factors behind this growth is the proactive support and encouragement provided by the state government. Recognizing the potential of startups in driving economic development, the state as well as central government has implemented several policies and programs to create an enabling environment for entrepreneurial ventures. Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) have taken several initiatives such as Jammu & Kashmir Startup Policy 2018-2028, Seed Capital Fund Scheme (SCFS), Project Himayat, National Minorities Development Finance Corporation (NMDFC), Youth Startup Loan Scheme (YSLF) to promote and assistance startups.
The several schemes have enabled a lot of entrepreneurs to start their own entrepreneurial ventures. The JKEDI website depicts how since the past decade the government has been providing seed capital to enterprises. This concerted effort to bridge the funding gap has provided startups with the necessary capital to fuel their growth and scale their businesses.Seed Capital Fund Scheme (SCFS) helps youth to establish their initiatives and seed money of up to Rs 7.5 lakh is provided to eligible youth. The seed capital is like a onetime grant given to the entre-primeurs for making their business plans bankable. The remaining company expenses are covered by low-interest bank financing.
Project Himayat, a ground-breaking initiative of the Ministry of Rural Development, Government of India, is being carried out by the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) with the Entrepreneurship Development Institute of India (EDI), Ahmedabad serving as the coordinating or monitoring agency. It aims to provide 10,000 youth in J&K with entrepreneurial skills for sustainable livelihood and facilitate access to finance and support services for at least 50% of them over the course of 3.5 years.
It is said that the Jammu & Kashmir Startup Policy initiated in 2018 aims to facilitate and nurture the growth of at least 500 new Startups, 10 new state-of-the-art incubators and three Fabrication labs in Jammu and Kashmir in next ten years. According to StartupIndia.gov, there are 544 DIPP recognized startups in Jammu and Kashmir out of which 186 are Women-Led Startups. There are lots of interventions that the government has done and a majority of them is setting up incubation centers. There are around a dozen incubation centers that have been established across the Union Territory.
Moreover, the government has also actively sought to attract private investors and venture capitalists to Jammu and Kashmir. In 2021, Kashmir Angel Network was set up which has more than a dozen investors in its network. The start-ups in the area are being financed by these investors. These start-ups used to approach investors in major cities like Delhi and Mumbai, but they now have choices open to them locally. The primary idea behind the network is to give a business-oriented environment to start-ups.
Several startups in the region have gained recognition for their innovative solutions to address the unique challenges faced by Jammu and Kashmir. One such example is a startup called AgriTech Solutions, which focuses on leveraging technology to enhance agricultural practices and increase the yield of crops such as saffron and apples. Their efforts have not only benefited the farmers but have also contributed to the growth of the agricultural sector. Another startup, EcoTourism Ventures, has harnessed technology to promote sustainable and responsible tourism in the region. By creating digital platforms that connect tourists with local communities and eco-friendly accommodations, they have helped preserve the fragile ecosystem while boosting the tourism industry.
The success stories emerging from Jammu and Kashmir’s startup ecosystem have attracted attention on a national and international level. Investors and industry experts are now taking notice of the region’s potential, leading to further collaboration and investment opportunities. With the continued support of the government, the dedication of aspiring entrepreneurs, and the influx of investments, Jammu and Kashmir’s startup ecosystem is poised for even greater achievements.
Recently Union Minister Jitendra Singh also said that the StartUp avenues unfolded in nine years by Modi Government call for a change of mindset. The start-up ecosystem in India is now ranked third in the world with more than 100 unicorns. This has been possible only because of the youth of this nation. The Aroma Mission is attracting Start-ups whose birthplace is J&K as thousands of persons have been trained. As innovation continues to thrive in this breath taking part of India, it is expected to create a ripple effect, transforming the socio-economic landscape and positioning the region as a hub of technological excellence and entrepreneurship.
(The writer is the student of Post Graduate Diploma in Digital Media, Indian Institute of Mass Communication (IIMC), Jammu)
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