J&K Startup Policy To Facilitate 500 New Startups in Jammu, Kashmir

With generous funding, the Jammu and Kashmir government is creating an encouraging ecosystem for nurturing innovation and start-ups in the Union Territory.

J&K Startup Policy To Facilitate 500 New Startups in Jammu, Kashmir

With generous funding, the Jammu and Kashmir government is creating an encouraging ecosystem for nurturing innovation and start-ups in the Union Territory. The primary goal of the “J&K Startup Policy 2018-2028” is to facilitate and nurture the growth of at least 500 new start-ups in Jammu and Kashmir over the next ten years.

The UT administration’s “J&K Startup Policy 2018-2028” aims to nurture and inspire Jammu and Kashmir’s young and entrepreneurial minds to pursue innovation and entrepreneurship by creating a vibrant and conducive start-up environment in the region.

Construction and engineering, food processing and related activities, agriculture (including horticulture and floriculture), textiles, apparel and fashion technology, renewable energy, handicrafts and handlooms and their design elements, electronics system design and manufacturing, and information technology-enabled services were among the focus sectors identified under this policy.

The goal of the startup policy also includes establishing at least 10 new state-of-the-art incubators, including private sector incubators; facilitating access to early-stage investments for aspiring and existing start-ups; establishing innovation labs in selected higher secondary schools and colleges; and establishing at least three fabrication labs, one in each of the Jammu, Kashmir, and Ladakh regions, as well as creating a strong institutional framework for effective implementation and monitoring.

The policy also focuses on innovative projects, such as ideas capable of introducing new or disruptive technology in the development of existing and new products, processes, or services and capable of effectively addressing any of the current challenges confronting society at large.

The policy also prioritises start-ups and promotes platforms such as start-up hubs, incubators, angel investors, innovation labs, entrepreneurship development cells, and fabrication labs, among others.

The Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) has been designated as the policy’s nodal agency, with the Director of JKEDI serving as the UT nodal officer.

The policy also offers various benefits and incentives to entities designated as start-ups. The government provides co-working space with continuous high-speed internet to the recognised start-ups at a subsidised price through JKEDI at its campuses in Pampore and Bari-Brahmana and all the 22 district centers. A monthly allowance of Rs. 10,000 (for a period of one year) is also paid to the start-ups.