J&K Govt announces ambitious start-up policy and new industrial estates

JAMMU — In a significant move aimed at boosting economic growth and fostering entrepreneurship, the Administrative Council (AC) of Jammu and Kashmir, chaired by Lieutenant Governor Manoj Sinha, has approved the development of seven new Industrial Estates and unveiled the J&K Start-up Policy 2024-27.

The industrial development initiative spans across various districts of the Union Territory, with a total investment of Rs. 304.51 Crores. These estates, spread over 5290 kanals of land, are projected to attract an estimated investment of Rs. 8700.16 Crores and generate employment opportunities for approximately 28,376 individuals.

Among the key areas slated for development are Banderpora Budgam, Sempora Medicity in Srinagar, Bhagthali in Kathua, Karandi in Samba, Trenz in Shopian, Hariparigam in Tral Pulwama, and Khunmoh at Pantha Chowk in Srinagar.

Each estate is meticulously planned to cater to specific sectors and industries, with investments ranging from Rs. 22.74 Crores to Rs. 83.13 Crores, aimed at fostering growth and employment generation.

Simultaneously, the AC approved the J&K Start-up Policy 2024-27, superseding the 2018 policy. The new policy aims to establish 2000 new start-ups in the region over the next five years.

To facilitate this, the government will establish a Venture Capital Fund of Rs. 250 Crores, with an initial infusion of Rs. 25 Crores. This fund will primarily support recognized start-ups in Jammu & Kashmir. Additionally, mechanisms will be devised to provide land allotments and one-time seed funding of up to Rs. 20 lakhs to selected start-ups.

Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor, highlighted the importance of nurturing entrepreneurial talent and creating a conducive ecosystem for start-ups. He emphasized the need to refurbish existing policies to meet evolving challenges and bolster economic growth in the region.

The implementation of these initiatives will be closely monitored by a High Powered Committee headed by the Chief Secretary, ensuring efficient utilization of resources and effective execution of the development plans.