The government of Jammu and Kashmir, led by Lieutenant Governor Manoj Sinha, has introduced a special policy to help startups. The policy aims to make it simple for students, women and others to start their own businesses in the region and do well.
The main goal of it is to help create 2,000 new businesses by 2027. To make this happen, the government is backing it with a couple of government programs, collaborating with private companies and attracting investments from wealthy individuals.
One of the key highlights of the policy is the creation of a Venture Capital Fund amounting to ₹250 crore. This fund, starting with ₹25 crore, will give money support to approved new businesses in Jammu and Kashmir. The detailed modalities of investment will be meticulously worked out in consultation with the finance department, ensuring transparency and efficiency.
Moreover, the J&K Entrepreneurship Development Institute (JKEDI) has been entrusted with the task of facilitating land allotment to startups exhibiting significant growth potential. Additionally, startups endorsed by JKEDI stand to benefit from one-time seed funding assistance of up to ₹20 lakh, disbursed in four equal installments, with a cap of 25 startups per year. This demonstrates that the government prioritizes ensuring startups grow sustainably in the long run, rather than simply aiming for rapid quantity.
With a budgetary allocation of ₹39.60 crore over three years, the implementation of the startup policy is set to receive a substantial financial impetus. To make sure things happen properly, a strong group led by the chief secretary will keep an eye on how well the plan is going. Furthermore, a task force committee headed by the administrative secretary of Industries and Commerce will be tasked with the day-to-day monitoring of implementation.
