Srinagar, Mar 4 (KNN) The Lieutenant Governor of Jammu and Kashmir, Manoj Sinha, unveiled a new start-up policy on Sunday, with a primary objective of establishing 2,000 start-ups in the Union Territory by the year 2027.

Dubbed as the 'New Jammu & Kashmir Start-up Policy- 2024-27', the initiative encompasses various provisions aimed at fostering entrepreneurship.

Sinha highlighted that the policy would offer patent-related assistance and financial mentorship support to recognised start-ups, assistance in Department for Promotion of Industry and Internal Trade (DPIIT) registration, and additional need-based aid to start-ups operating in diverse sectors.

The approval for this new policy came on February 22, when the Jammu and Kashmir administrative council, headed by the Lieutenant Governor, sanctioned it, superseding the earlier start-up policy instituted in 2018.

Emphasising the significance of the new policy, Sinha described it as a monumental leap for start-ups and innovators.

He underscored the meticulous drafting of the policy, focusing on the ambitious goal of establishing 2,000 start-ups by 2027, thereby showcasing the administration's unwavering commitment to nurturing a vibrant entrepreneurial ecosystem.

One of the key components of the new start-up policy is the establishment of a Rs 250 crore venture capital fund, with an initial infusion of Rs 25 crore from the J&K administration.

This fund aims to provide crucial support for growth and early-stage financial assistance, fostering the development of sustainable business models.

Sinha outlined that the policy is geared towards positioning the Union Territory as one of the leading start-up ecosystems by 2027.

Additionally, it will facilitate the establishment of new incubation centres, provide seed funding through the J&K Entrepreneurship Development Institute (JKEDI) for prototyping innovative products, and offer additional support to female entrepreneurs.

The Lieutenant Governor emphasised the need for collective action to create a dynamic economic environment in the Union Territory, conducive to business growth, investment, and the realization of entrepreneurial aspirations.

(KNN Bureau)