Kashmiri Entrepreneurs: Srinagar Startups Boosted by Policy and G20

Exciting times are ahead for the startup ecosystem in Jammu and Kashmir as the region gears up to host the G20 meet on May 22-24, 2023. The meeting is expected to bring new opportunities for startups and entrepreneurs, with India taking the G20 presidency. In addition, industry experts suggest that major changes may be on the horizon for the J&K Startup Policy, aimed at further boosting entrepreneurship in the valley.

J&K featured among the five 'Top Performers' in the Startup India States’ ranking 2021, scoring high on parameters such as incubation support, institutional support, and fostering innovation and entrepreneurship.

Let's take a closer look at how the present J&K Startup Policy, which is applicable from 2018 to 2028, is fostering a culture of entrepreneurship in the valley. With its focus on nurturing innovation and creating a vibrant start-up environment, the policy has identified key sectors and aims to establish new incubators, facilitate early-stage investments, and set up innovation labs in selected schools and colleges. As we explore the various aspects of the policy, we'll gain insight into how it is fueling the growth of startups in Jammu and Kashmir.

What Is Jammu & Kashmir Startup Policy 2018-2028?

The Jammu and Kashmir government is fostering an ecosystem to encourage innovation and start-ups in the region through the J&K Startup Policy 2018-2028. This policy aims to inspire young and entrepreneurial minds in Jammu and Kashmir to pursue innovation and entrepreneurship by creating a conducive startup environment in the region. The Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) has been declared the nodal agency for the implementation of the policy, and the Director JKEDI has been designated as the UT nodal officer.

Focus Sectors Of Jammu and Kashmir Startup Policy

The policy identifies several focus sectors, including construction and engineering, food processing, agriculture, textiles, renewable energy, handicrafts, and information technology enabled services, among others.

What Are The Objectives Of Jammu & Kashmir Startup Policy?

The primary objective of the J&K Startup Policy 2018-2028 is to nurture the growth of at least 500 new start-ups in Jammu and Kashmir over the next 10 years. The policy also includes establishing at least 10 state-of-the-art incubators, facilitating early-stage investments for aspiring and existing start-ups, and setting up innovation labs in selected higher secondary schools and colleges. The policy also aims to create a strong institutional framework for the effective implementation, monitoring, and evaluation of this policy.

What Are The Benefits & Incentives For Startups In Jammu & Kashmir?

The recognized start-ups are provided with co-working spaces at a subsidized price, uninterruptible high-speed internet, and a monthly allowance of Rs. 10,000 (for a period of one year). Start-ups are also provided with one-time assistance of Rs. 10 Lakh for product research and development/marketing/publicity. The policy also has the provision of a 100 per cent subsidy on the purchase and installation of Diesel Generator set Solar/Wind Generator or Hybrid Solar Wind Systems.

What Is The Significance Of The G20 Meet In J&K In May?

India, currently holding the presidency of the G-20 group of top economies, has announced its list of upcoming meetings, including a tourism working group meeting scheduled to take place in Srinagar, Indian-administered Kashmir, in May. The J&K G20 meet marks the first significant international gathering in the disputed region since August 2019, when India revoked the special autonomous status of Indian-administered Kashmir. The decision to hold the meeting in Srinagar is seen as a move to showcase the region's rich geographical diversity while also signaling that it is now stable, peaceful, and ready to engage with the world.

While tourism figures for Jammu and Kashmir broke records last year, indicating a return to normalcy, public anger with New Delhi remains high in the Muslim-majority Kashmir Valley. The region remains heavily militarized, and freedom of speech and the right to protest continue to be suppressed. Nevertheless, investors are flocking to the region, with a $60 million project to build a shopping mall and offices in Srinagar announced by an Emirati property company in March. Among the focus sectors of Jammu and Kashmir's startup policy are handicrafts, textiles, and information technology-enabled services. The policy has already resulted in the growth of several startups, such as Agronic Valley and Easy Solar, which are contributing to the state's economic development.