JAMMU: Administrative Council (AC) which met right here beneath the chairmanship of Lieutenant Governor, Manoj Sinha, authorised J&Okay start-up coverage 2024-27 in supersession to the Begin-up Coverage notified within the 12 months 2018.
The coverage has the target of organising 2000 new Begin-ups in Jammu & Kashmir within the subsequent 5 years.
Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; Atal Dulloo, Chief Secretary; Mandeep Kumar Bhandari, Principal Secretary to Lieutenant Governor attended the assembly.
The Authorities of Jammu &Kashmir will setup a Enterprise Capital Fund of Rs. 250 Crores and can infuse most of Rs. 25 Crores as an preliminary fund to this enterprise capital fund.
The enterprise capital fund so created shall make investments primarily in acknowledged start-ups of Jammu & Kashmir. The Division shall work out detailed modalities for creation of enterprise fund and its utilization in session with Finance Division.
The division can also work out a mechanism to facilitate allotment of land to start-ups having good potential for progress. There may be additionally a provision of one-time help as Seed Funding as much as Rs.20 lakhs ( 4 equal instalments) to be supplied to start-ups acknowledged by JKEDI which is nodal company for begin -ups. For seed funding there’s capping of 25 start-ups per 12 months which is a choice primarily based upon accessible funds and need to assist a manageable variety of start-ups successfully.
The Authorities is dedicated to determine 2000 start-ups in three years however by offering seed funding to a smaller variety of rigorously chosen start-ups, the Authorities can prioritize amount over high quality for long run financial progress. This can even be sure that the assets are utilized effectively. The budgetary assist for implementation of Begin-up Coverage for a interval of three years might be Rs. 39.60 Crores.
To be able to nurture and encourage entrepreneurial expertise of J&Okay by making a vibrant and strong start-up eco-system within the UT. The Authorities felt that there’s a have to re-furbish the prevailing start-up coverage issued within the 12 months 2018 and convey new coverage suited to fulfill mannequin challenges on this sector within the UT of J&Okay.
The suggestions obtained from numerous stakeholder consultations by Industries and Commerce Division, want was felt to strengthen the incubation and acceleration eco-system for start-ups which has been addressed within the present coverage.
The implementation of this scheme in UT shall be monitored by a Excessive Powered Committee headed by Chief Secretary and applied by a Process Pressure Committee headed by Administrative Secretary, Industries & Commerce.
The coverage offers for offering entrepreneurship services to college students, girls and assist to the entrepreneurs via Authorities/ Personal/ Excessive Internet value people for organising of start-ups.
#Administrative #Council #approves #Startup #Coverage
