Start-up Policy
In order to provide self employment opportunities to the youth of Jammu and Kashmir, Administrative Council approved Start-up Policy 2024-27 for them.
The Government of Jammu & Kashmir will setup a Venture Capital Fund of Rs. 250 Crores and will infuse maximum of Rs. 25 Crores as an initial fund to this venture capital fund.
The venture capital fund so created shall invest primarily in recognized start-ups of Jammu & Kashmir. The Department shall work out detailed modalities for creation of venture fund and its usage in consultation with Finance Department.
The department may also work out a mechanism to facilitate allotment of land to start-ups having good potential for growth. There is also a provision of one-time assistance as Seed Funding up to Rs.20 lakhs ( 4 equal instalments) to be provided to start-ups recognized by JKEDI which is nodal agency for start –ups. For seed funding there is capping of 25 start-ups per year which is a decision based upon available budget and desire to support a manageable number of start-ups effectively.
The Government is committed to establish 2000 start-ups in three years but by providing seed funding to a smaller number of carefully selected start-ups, the Government can prioritize quantity over quality for long term economic growth. This will also ensure that the resources are utilized efficiently. The budgetary support for implementation of Start-up Policy for a period of three years will be Rs. 39.60 Crores.
