Sachin, Srinagar & Startup: What Is The New Startup Policy of J&K?

Kashmir is making waves on social media with two positive stories. One involves the cricket legend and "God of cricket," Sachin Tendulkar, playing the sport with local Kashmiri youths on the streets of Srinagar. The other showcases the young social media influencer and YouTuber, Ms. Yana Mir, who addressed the UK Parliament, debunking the false narratives spread by foreign media and figures like Malala Yusufzai about the new Kashmir. Today, as the Indian side of Kashmir flourishes with multimillion-dollar development projects and foreign investments, the region's young entrepreneurs benefit from a new Startup Policy, empowering them to pursue their dreams for a promising future.

The first bat given to me was by my sister and it was a Kashmir willow bat. Ab main yahan hoon to Kashmir willow ko to milna banta hai! 🏏

P.S: An interesting fact; some of my favourite bats had only about 5-6 grains. How many grains do your bats have? pic.twitter.com/SMI7bFevCW

— Sachin Tendulkar (@sachin_rt) February 21, 2024

As spring unfolds its charm, Kashmir awakens from its wintry slumber, bursting forth with a kaleidoscope of colors—the gentle blush of cherry blossoms, the fiery hues of tulips, and the fresh greenery. It's a season of renewal, where nature's whispers breathe life into the earth.

In this season of renewal, there's a parallel awakening taking place in the realm of innovation and entrepreneurship. Just as nature breathes new life into the valley, so too does the startup policy of Jammu and Kashmir undergo a rebirth, opening doors to fresh opportunities for visionary minds.

Like the blossoms that unfurl their petals in the warm embrace of spring, the startup policy unfurls its provisions, creating a fertile ground for the seeds of innovation to take root and flourish.

The New Kashmir Of Indian Kashmiris 

Gone are the days when Jammu and Kashmir dominated headlines for all the wrong reasons—terror attacks, unrest, and a sense of unease that hung heavy in the air. Today, a new narrative emerges, one that paints a picture of hope, resilience, and progress.

In the heart of this transformation lies the breathtaking beauty of Kashmir. But amidst the majestic mountains and serene valleys, it's not just the landscapes that captivate the world's attention.

Cricket & Kashmir: A MATCH in HEAVEN! pic.twitter.com/rAG9z5tkJV

— Sachin Tendulkar (@sachin_rt) February 22, 2024

Sachin Tendulkar, the cricketing legend, recently found himself immersed in the joyous chaos of gully cricket on the streets of Gulmarg, embodying the spirit of camaraderie and love for the game that transcends boundaries. His presence, a testament to the evolving narrative of Kashmir—a land where joy and laughter echo through the streets once more.

And then there's Yana Mir, a beacon of courage and resilience, whose words echoed through the hallowed halls of the UK Parliament. As an Indian journalist hailing from Jammu and Kashmir, she boldly proclaimed her sense of safety and security in a region that is often misunderstood. Her voice, a powerful reminder that Kashmir is not defined by fear, but by the strength and resilience of its people.

I am not a Malala

I am free and safe in my homeland #Kashmir, which is part of India

I will never need to runaway from my homeland and seek refuge in your country: Yana Mir @MirYanaSY in UK Parliament. #SankalpDiwas pic.twitter.com/3C5k2uAzBZ

— Sajid Yousuf Shah (@TheSkandar) February 22, 2024

Last but not least, the state has recently approved a new startup policy aiming to establish 2,000 startups by 2027 in the Union Territory.

Amidst the tales of cricketing legends and fearless journalists, it's the quiet revolution in innovation that truly signifies the dawn of a new Kashmir. Currently, the UT boasts 721 general startups and 253 women-led ventures.

What's in the New Startup Policy of Jammu & Kashmir?

The Jammu and Kashmir administration has given the green light to a fresh startup policy, geared towards establishing 2,000 startups by 2027 within the Union Territory, as stated by an official spokesperson on Thursday. This policy extends entrepreneurial opportunities to students, women, and offers support to entrepreneurs through governmental, private, and high net worth individuals for initiating startup ventures. The Administrative Council (AC), convened under the leadership of Lieutenant Governor Manoj Sinha, sanctioned the J&K Startup Policy 2024-27 during its meeting in lieu of the startup policy outlined in 2018. 

He announced that the Jammu and Kashmir administration would establish a Venture Capital Fund amounting to Rs 250 crore, with an initial infusion of up to Rs 25 crore.

Inaugurated the new Girls Hostel at National Institute of Technology (NIT) Srinagar, today. The facility is dedicated to our daughters who are breaking the barriers in STEM education and ready to shape the innovation and entrepreneurial ecosystem. pic.twitter.com/RLEEG4qfe6

— Office of LG J&K (@OfficeOfLGJandK) February 23, 2024

Reportedly, the Jammu and Kashmir administration will inaugurate a Venture Capital Fund worth Rs 250 crore, with an initial infusion of up to Rs 25 crore, primarily targeting recognized startups of J&K. The concerned department will collaborate with the finance department to devise detailed modalities for creating and utilizing the venture fund.

The J&K Entrepreneurship Development Institute (JKEDI) is tasked with formulating a mechanism to allocate land to startups exhibiting substantial growth potential.

Thanking Hon’ble LG @manojsinha_ ji for approving the new J&K startup policy 2024-27. It shall pave way for an energised startup ecosystem across the UT in next 5 years. Kashmir Startup Policy

We also thank officials who have supported young startups all these years. #ViksitBharat2047 pic.twitter.com/Qets6MFyih

— JKSA - JK Startups Association (@jkstartups) February 23, 2024

Seed Fund for Kashmiri Startup Entreprenuers' 

Startups recognized by JKEDI, the nodal agency, will receive one-time seed funding assistance amounting to Rs 20 lakh, disbursed in four equal installments. However, a cap of 25 startups per year is set based on budgetary constraints and the aim for effective support.

While the government aims to establish 2,000 startups within three years, emphasis is placed on nurturing a select number of startups to ensure long-term economic growth, prioritizing quality over quantity. This approach aims to optimize resource utilization effectively.

A budget of Rs 39.60 crore is allocated for implementing the startup policy over a three-year period, demonstrating the government's commitment to fostering entrepreneurial talent in Jammu and Kashmir.

Recognizing the need to adapt to evolving challenges, the Lt Governor-led administration has revamped the existing startup policy to address current sectoral needs and foster a vibrant startup ecosystem in the UT.

A high-powered committee led by the chief secretary will oversee the implementation of this scheme, while a task force committee, headed by the administrative secretary of Industries and Commerce, will be responsible for its execution.

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