The Administration of Jammu and Kashmir (J&K) approved a New startup policy to foster the entrepreneurship in UT (Union territory).

According to PTI, an official spokesperson said that the government of Jammu and Kashmir planning to support 2,000 startups in the UT by the year 2027. In accordance with the report, the key administration of Jammu & Kashmir soon to be set up a venture capital (VC) fund with an initial investment of 25 crore and a total expenditure about 250 crore.

The department of venture capital fund shall work out the comprehensive system to generate the venture fund and plan about its usage with the department of Finance.

The thriving plan aims to uplift the exiting number of 721 DPIIT-registered startups to 2,000 startups by the year 2027 and also looks forward to inject the territory with a transformed sense of economic enthusiasm.

In the meeting, in which the Administrative Council met under the leadership of Lieutenant Governor, Manoj Sinha showed a green light to this ambitious policy. The meeting saw participation from Rajeev Rai Bhatnagar-Advisor to the Lieutenant Governor; Atal Dulloo-Chief Secretary; Mandeep Kumar Bhandari-Principal Secretary to Lieutenant Governor.

The dynamic startup policy fosters the plan to provide entrepreneurship services & facilities to women, students and support to talented entrepreneurs via Government, Private and highly worth individuals to set-up their vibrant startups.

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