In a significant stride towards fostering entrepreneurship and innovation, the Lieutenant Governor of Jammu and Kashmir unveiled the ‘New Jammu and Kashmir Start-up Policy 2024-27’ at the Avinya Startup Summit. This ambitious policy, aiming to establish 2,000 startups by 2027, holds immense potential to foster a dynamic entrepreneurial ecosystem and empower young minds. This policy launch marks a pivotal moment in the region’s economic landscape, promising to catapult Jammu and Kashmir into the forefront of the startup ecosystem in the country. This initiative has met with great enthusiasm and optimism from young entrepreneurs, innovators, and stakeholders alike. The policy acknowledges the existing entrepreneurial spirit in J&K, with over 722 registered startups, of which 254 are led by women. However, the policy rightly acknowledges the need for further support. The LG’s vision to establish Jammu & Kashmir as a leading hub for startups by 2027 is not just ambitious but also essential for the holistic development of the region.
Emphasis of the new startup policy is on commitment to nurture and support budding entrepreneurs. One of its key provisions is the establishment of a Rs. 250 crore Venture Capital Fund, with an initial infusion of Rs. 25 crore from the Jammu & Kashmir administration. This fund is poised to provide vital financial support, particularly during the nascent stages of startup growth, thereby catalysing the development of innovative business models. Furthermore, the policy underscores the importance of inclusivity by extending preferential support to female entrepreneurs. By offering assistance tailored to their specific needs, such as seed funding and mentorship programmes, the policy aims to address the gender gap in entrepreneurship and empower women to pursue their business ventures confidently.
Another noteworthy aspect of the policy is its focus on providing comprehensive support to startups across diverse sectors. From facilitating patent-related assistance to offering mentorship programmes and facilitating DPIIT registration, the policy leaves no stone unturned in ensuring that startups receive the necessary resources and guidance to thrive. With this in mind, the Jammu & Kashmir administration has forged alliances with incubators, institutions, and organisations, thereby creating a conducive environment for startups to flourish. Additionally, the presence of 12 incubators in the region plays a pivotal role in nurturing and guiding startups during their formative stages. The entrepreneurial landscape of J&K is characterised by its diversity, with startups spanning various industries such as construction and engineering, skill development, oil and gas transportation, IT consulting, and more. This diversity not only reflects the entrepreneurial spirit of the region but also presents a plethora of opportunities for investors and stakeholders keen on tapping into its potential.
However, amidst the optimism surrounding the new startup policy, it is crucial to acknowledge and address the challenges that lie ahead. While J&K boasts a burgeoning startup ecosystem, there is still room for growth and improvement. Issues such as access to markets, infrastructure, and regulatory hurdles need to be tackled effectively to ensure the sustained success of startups in the region. Moreover, the onus does not solely rest on the shoulders of the Government and policymakers. Financial and academic institutions also have a pivotal role to play in the effective implementation of the startup policy. By fostering collaboration and knowledge-sharing initiatives, these institutions can contribute significantly to the growth and development of the startup ecosystem in Jammu and Kashmir.
The New Start-up Policy 2024-27 represents a watershed moment in the UT’s journey towards economic prosperity and self-reliance. By providing a conducive environment for entrepreneurship and innovation to thrive, the policy sets the stage for Jammu and Kashmir to emerge as a beacon of startup success in the country. However, realising this vision will require concerted efforts from all stakeholders-Government, investors, institutions, and entrepreneurs-to work together towards a common goal of fostering inclusive growth and prosperity in the region.
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