JK Administrative Council Greenlights Ambitious Start-up-Policy for 2024-27

JK Administrative Council Greenlights Ambitious Start-up-Policy for 2024-27

Asif Iqbal | February 22, 2024 | 07:35 PM IST | Jammu Kashmir | Follow on Google News

JK Administrative Council Greenlights Ambitious Start-up-Policy for 2024-27…..image/agencies

JK Administrative Council Greenlights Ambitious Start-up-Policy for 2024-27

In a pivotal move aimed at fostering economic growth and innovation in Jammu & Kashmir, the Administrative Council, chaired by Lieutenant Governor Manoj Sinha, has given the nod to the Start-up Policy for the years 2024-27, superseding the previous policy enacted in 2018.

Setting the Stage for Growth: Objectives and Targets

The primary objective of this visionary policy is to establish a staggering 2000 new start-ups in the region over the next five years. This ambitious target reflects the government’s commitment to fueling entrepreneurial endeavors and creating a thriving ecosystem for innovation.

Financial Fuel: Venture Capital Fund and Seed Funding

To catalyze the growth of start-ups, the government plans to set up a Venture Capital Fund amounting to Rs. 250 Crores. An initial infusion of up to Rs. 25 Crores will kickstart this fund, which is intended to primarily invest in recognized start-ups within Jammu & Kashmir. Additionally, the government aims to provide one-time seed funding of up to Rs. 20 lakhs, in four equal installments, to select start-ups, with a cap of 25 start-ups per year.

Strategic Support and Oversight: Implementation and Monitoring

To ensure effective implementation, a High-Powered Committee, led by the Chief Secretary, will monitor the progress of this initiative. Simultaneously, a Task Force Committee, headed by the Administrative Secretary of Industries & Commerce, will spearhead the on-the-ground execution of the policy.

Enhancing Ecosystem and Inclusivity: Refurbishing the Start-up Policy

Recognizing the evolving landscape of the start-up sector, the government acknowledges the need to refurbish the existing policy issued in 2018. Feedback from various stakeholder consultations, particularly from the Industries and Commerce Department, underscored the necessity to fortify the incubation and acceleration ecosystem for start-ups, a facet prominently addressed in the updated policy.

In conclusion, this comprehensive Start-up Policy not only aims for quantitative growth but also strategically focuses on quality and long-term economic sustainability. With a budgetary support of Rs. 39.60 Crores over three years, the government is poised to propel Jammu & Kashmir into a prominent hub for innovation and entrepreneurship.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.