{"id":11542,"date":"2024-02-22T11:21:19","date_gmt":"2024-02-22T11:21:19","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=11542"},"modified":"2024-02-22T11:21:19","modified_gmt":"2024-02-22T11:21:19","slug":"administrative-council-approves-start-up-policy-2024-27-for-jk","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/administrative-council-approves-start-up-policy-2024-27-for-jk\/","title":{"rendered":"Administrative Council approves Start-up Policy 2024-27 for J&#038;K"},"content":{"rendered":"<p style=\"font-weight: 400;\">JAMMU, FEBRUARY 22:: <a href=\"https:\/\/jammubulletin.com\/site\/admin-council-approves-filling-up-of-left-over-vacancies-in-paramedical-institutions-after-centralized-counseling-by-jk-bopee-is-over\/\">Administrative Council<\/a> (AC) which met here under the chairmanship of <a href=\"https:\/\/jammubulletin.com\/site\/efforts-on-to-create-inclusive-equitable-society-in-jk-lg-sinha\/\">Lieutenant Governor, Manoj Sinha<\/a>, approved\u00a0 J&amp;K\u00a0 start-up policy\u00a0 2024-27\u00a0 in supersession to\u00a0 the Start-up Policy notified in the year 2018.\u00a0 The policy has the objective of\u00a0 setting up 2000 new Start-ups in Jammu &amp; Kashmir in the next 5 years.<\/p>\n<p style=\"font-weight: 400;\">Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; <a href=\"https:\/\/jammubulletin.com\/site\/goc-16-corps-calls-on-chief-secretary\/\">Atal Dulloo, Chief Secretary<\/a>; Mandeep Kumar Bhandari, Principal Secretary to Lieutenant Governor attended the meeting.<\/p>\n<p style=\"font-weight: 400;\">The Government of Jammu &amp;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.<\/p>\n<p style=\"font-weight: 400;\">The venture capital fund so created shall invest primarily in recognized start-ups of Jammu &amp; Kashmir. The Department shall work out detailed modalities for creation of venture fund and its usage in consultation with Finance Department.<\/p>\n<p style=\"font-weight: 400;\">The department may also work out a mechanism to facilitate\u00a0 allotment of\u00a0 land to start-ups having good potential for growth. There is also a provision of one-time assistance as\u00a0 Seed Funding up to Rs.20 lakhs ( 4 equal instalments)\u00a0 to\u00a0 be provided to start-ups recognized by JKEDI\u00a0 which is nodal agency for\u00a0 start \u2013ups. For seed funding\u00a0 there is capping of\u00a0 25 start-ups per year\u00a0 which is a\u00a0 decision based upon available budget\u00a0 and\u00a0 desire to\u00a0 support\u00a0 a manageable\u00a0 number of start-ups effectively.<\/p>\n<p style=\"font-weight: 400;\">The Government is committed to establish\u00a0 2000 start-ups in three years\u00a0 but\u00a0 by providing\u00a0 seed funding\u00a0 to\u00a0 a smaller\u00a0\u00a0 number of\u00a0 carefully\u00a0 selected\u00a0 start-ups,\u00a0 the Government can prioritize\u00a0 quantity over quality for long term economic growth. This will also ensure that\u00a0 the resources are utilized efficiently. The budgetary support for implementation of Start-up Policy for a period of three years will be Rs.\u00a0 39.60 Crores.<\/p>\n<p style=\"font-weight: 400;\">In order to nurture and inspire entrepreneurial talent of J&amp;K by creating a vibrant and robust start-up eco-system in the UT. The <a href=\"https:\/\/jammubulletin.com\/site\/president-murmu-an-adivasi-wasnt-allowed-to-attend-ram-mandir-event-rahul-gandhi-attacks-centre\/\">Government<\/a> felt that there is\u00a0 a need to\u00a0 re-furbish\u00a0 the\u00a0 existing start-up policy\u00a0 issued in the year 2018 and\u00a0 bring\u00a0 new policy\u00a0 suited to\u00a0 meet model challenges\u00a0 in this sector\u00a0 in the UT of J&amp;K.<\/p>\n<p style=\"font-weight: 400;\">The feedback received from various stakeholder consultations by\u00a0 Industries and Commerce Department,\u00a0 need\u00a0 was felt to\u00a0 strengthen\u00a0 the incubation and acceleration eco-system for\u00a0 start-ups\u00a0 which has been addressed in the current policy.<\/p>\n<p style=\"font-weight: 400;\">\u00a0The implementation of this scheme in UT shall be\u00a0 monitored by a High Powered Committee headed by Chief Secretary and\u00a0 implemented\u00a0 by a\u00a0 Task Force Committee\u00a0 headed by Administrative Secretary, Industries &amp; Commerce.<\/p>\n<p style=\"font-weight: 400;\">The policy provides for providing entrepreneurship facilities to students, women\u00a0 and support to the entrepreneurs through Government\/ Private\/ High Net worth individuals for setting up of start-ups.<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_11543\" aria-describedby=\"caption-attachment-11543\" style=\"width: 300px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-11543\" src=\"https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-22-at-4.46.41-PM-1-300x158.png\" alt=\"Administrative Council approves Start-up Policy 2024-27 for J&amp;K\" width=\"300\" height=\"158\" \/><figcaption id=\"caption-attachment-11543\" class=\"wp-caption-text\">Administrative Council approves Start-up Policy 2024-27 for J&amp;K<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>JAMMU, FEBRUARY 22:: Administrative Council (AC) which met here under the chairmanship of Lieutenant Governor, Manoj Sinha, approved\u00a0 J&amp;K\u00a0 start-up policy\u00a0 2024-27\u00a0 in supersession to\u00a0 the Start-up Policy notified in the year 2018.\u00a0 The policy has the objective of\u00a0 setting up 2000 new Start-ups in Jammu &amp; Kashmir in the next 5 years. Rajeev Rai [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[67,15,89,54],"tags":[],"class_list":["post-11542","post","type-post","status-publish","format-standard","hentry","category-header","category-jammu-and-kashmir","category-national","category-political"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Administrative Council approves Start-up Policy 2024-27 for J&amp;K<\/title>\n<meta name=\"description\" content=\"Administrative Council (AC) which met here under the chairmanship of Lieutenant Governor, Manoj\u00a0 Sinha, approved\u00a0 J&amp;K\" \/>\n<meta name=\"robots\" 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