Firdous Hassan
Srinagar: Jammu and Kashmir government is working overtime to transform the union territory into the startup capital of India.
From targeting 2000 new startups to creating a venture capital fund, the Jammu and Kashmir government is hard-selling UT as an investor-friendly destination.
Unveiling Jammu and Kashmir Startup Policy 2024-27, the government has announced a major initiative to boost the industrial ecosystem in the union territory.
Under the policy, the administration has decided to set up Venture Capital Funds of Rs 250 crores to attract funding from different market sources.
“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 professionally 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 crore,” it said.
The government, as per the policy document, has decided to establish loan guarantee programs.
“The eligible start-ups recognized 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 said that seed funding of Rs 20 lakh in four installments shall be provided to the startups recognized by JKEDI.
Moreover, the administration in a policy to hold start-up competitions every year to boost entrepreneurship in the union territory.
“Annual start-up- competitions will be held within the union territory in which awards will be given to the successful start-ups for their contribution towards the growth of the local start-up ecosystem. The competition will be held to encourage, motivate and recognize well-performing, potential and promising start-ups of Jammu and Kashmir,” the policy document said.
The awards according to the policy will be given in six different categories, which include the top three start-ups of the year, the top three women start-ups of the year, the top three emerging start-ups of the year, the top social start-up of the year, top two start-up incubation center of J&K and top two start-up mentors of J&K.
“Each category from 1 to 5th winners will be awarded a certificate of recognition and a cash prize of Rs 50,000 for 1st position and Rs 15,000 for third position every year on National Stra-up day i, January 16,” the document said.
As per the policy, the schools, colleges, and universities will also introduce the concept of Student Entrepreneurs in Residence (SER).
“Outstanding students who wish to pursue entrepreneurship can take a break of one year, any time after completing a first academic year, to pursue entrepreneurship full year,” it said.
The policy document suggested that education institutes update their respective curriculums to include a compulsory course on ‘Entrepreneurship Development’.
“This should be an optional subject to inspire students with the aspiration, capacity, and inclination towards entrepreneurship,” it said.
Jammu and Kashmir under the policy has also constituted a High-Level Empowered Committee (HLEC) to monitor the performance of the Jammu and Kashmir start-up eco-system.
With the 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, and 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 regularly.
The 10-membered task force will be headed by the administrative secretary Industries and Commerce department.
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