Srinagar, Feb 28 (KNO): The union territory administration has targeted to establish Jammu and Kashmir as one of the leading start-up ecosystems in India by 2027.
As per the Jammu and Kashmir Start-up Policy 2024-27, the administration will take multiple measures to boost the start-up ecosystem in the union territory.
According to the policy document, available with the news agency—Kashmir News Observer (KNO), thorough measures including setting up of incubation centres, assistance in attracting investors and access to funding, the administration has envisioned establishing Jammu and Kashmir as one of the leading start-up eco-systems in India by 2027.
Under the policy, the administration has targeted to set up at least 2000 new start-ups in Jammu and Kashmir in next five years.
To ensure that the start-ups get funding, the administration has decided to set up a Venture Capital Funds of Rs 250 crores.
“The Government of Jammu and Kashmir will infuse a maximum of Rs 25 crore as an initial fund to the venture capital fund. The venture capital fund shall be managed in a professional manner and shall attract funding from different market sources such as angel investors, entrepreneurs, accelerators and incubators and other funding entities to reach a total fund value of Rs 250 crores,” it said.
In addition to it, the government as per the policy document has decided to establish loan guarantee programmes.
“The eligible start-ups recognised with JKEDI and Department of Promotion of Industry and Internal Trade (DPIIT) shall be facilitated to avail loan under Credit Guarantee Scheme for Start-ups as per the rules and regulations laid down by DPIIT for Credit Guarantee Scheme for Start-ups,” it said.
The policy reads that a seed funding of Rs 20 lakhs in four installments shall be provided to the start-ups recognised by JKEDI.
Jammu and Kashmir under the policy has also constituted a High-Level Empowered Committee (HLEC) to monitor the performance of Jammu and Kashmir start-up eco-system.
With Chief Secretary as the chairman of the 12-membered HLEC, the committee as per the document shall take necessary decisions for encouragement of innovations in Jammu and Kashmir and modify start-up policy, guidelines from time -to-time
The government has also constituted a start-up task force to monitor the implementation of policy and decisions of HLEC on a regular basis.
The 10-membered task force will be headed by administrative secretary Industries and Commerce department—(KNO)