Jammu, March 3 (IANS): Jammu and Kashmir Lieutenant Governor L-G Manoj Sinha on Sunday launched the much-awaited 'New Jammu and Kashmir Start-up Policy- 2024-27', at the Avinya Startup Summit.

He congratulated the young entrepreneurs and innovators on the occasion.

“New Start-up Policy aims to establish J&K as one of the leading start-up ecosystems by 2027. It is a giant leap for startups and innovators of Jammu Kashmir,” the L-G said.

He said the policy has been meticulously drafted to establish 2,000 startups in J&K by 2027, underscoring the commitment of the UT Administration to foster a dynamic entrepreneurial ecosystem.

Highlighting the key features of the new J&K Start-Up Policy, the L-G said the policy aims to set up a Rs 250 Crore Venture Capital Fund, with an initial infusion of Rs 25 Crores from J&K Administration.

He said that this fund will provide crucial support for growth, early-stage financial handholding and it will encourage growth of viable business models

He said that the new policy will provide patent-related assistance, financial assistance for mentorship to recognised startups, facilitation for DPIIT registration and additional need-based support to start-ups working in diverse fields.