“I invite the potential traders from throughout the nation to discover the limitless prospects current within the Union Territory and contribute to the expansion journey of Jammu Kashmir,” the lieutenant governor mentioned on the launch of the coverage on the Avinya Startup Summit right here.
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On February 22, the Jammu and Kashmir administrative council headed by the lieutenant governor accredited the brand new startup coverage in supersession to the startup coverage notified in 2018.
The brand new coverage offers for offering entrepreneurship amenities to college students and girls and help to entrepreneurs via authorities, personal and excessive net-worth people (HNIs) for establishing startups.
Terming the launch of the brand new coverage as a “large leap for startups and innovators”, the lieutenant governor mentioned it has been meticulously drafted to ascertain 2,000 startups within the Union Territory by 2027, underscoring the dedication of the administration to foster a dynamic entrepreneurial ecosystem.
Highlighting the important thing options of the brand new J&Okay Begin-Up Coverage, he mentioned the coverage goals to arrange a Rs 250 crore Enterprise Capital Fund, with an preliminary infusion of Rs 25 crore from his administration.
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“This fund will present essential help for progress, early-stage monetary handholding, and it’ll encourage progress of viable enterprise fashions,” he famous. Sinha reiterated the dedication of the administration to ascertain and empower new incubation centres and seed funding via the J&Okay Entrepreneurship Growth Institute (JKEDI) for creating prototypes of progressive merchandise and offering further help to feminine entrepreneurs via the brand new startup coverage.
Addressing entrepreneurs and innovators on the event, the lieutenant governor referred to as for collective motion to construct a dynamic financial atmosphere within the UT the place enterprise can thrive, funding can prosper and entrepreneurs can actualise their aspirations.
He additionally talked concerning the challenges and progress alternatives in several sectors in Jammu and Kashmir.
The Union Territory has 722 registered startups, with a notable concentrate on gender inclusivity, boasting 254 women-led startups.
The Jammu & Kashmir startup ecosystem reveals a various panorama, with development and engineering rising as a key participant, constituting 49% of the entire startups, adopted by Talent Growth (12%), Oil & Fuel Transportation (12%), IT Consulting (8%), Enterprise Assist Companies (7%), Meals Processing (6%), and Agri-Tech (5%).
This showcases the entrepreneurial variety and the presence of startups throughout varied industries, he mentioned.
The Lt Governor mentioned the coverage displays a complete survey on authorities help, incubator collaboration and coverage necessities.
Notably, 69% of startups search help for Advertising and Branding, whereas the collaboration with incubators is at 7.89%, presenting a possibility for elevated engagement.
Jammu and Kashmir is house to 12 incubators, taking part in an important position in nurturing and guiding startups throughout their early levels, Sinha mentioned.
He mentioned the ecosystem advantages from collaborations, with 16 partnerships and Memoranda of Understanding (MoUs) established with varied establishments and organisations to supply further help and assets.
