JAMMU: Lieutenant Governor Manoj Sinha on Sunday launched a new start-up policy with a focus to establish 2,000 start-ups in the Union Territory by 2027.

The ‘New Jammu & Kashmir Start-up Policy - 2024-27' will also provide patent-related assistance, financial assistance for mentorship to recognised start-ups, facilitation for department for promotion of industry and internal trade (DPIIT) registration and additional need-based support to start-ups working in diverse fields, Sinha said in Jammu.

On February 22, Jammu and Kashmir administrative council headed by the lieutenant governor approved the new start-up policy in supersession to the start-up policy notified in 2018.

The new policy provides for providing entrepreneurship facilities to students, women and support to the entrepreneurs through government, private and high net worth individuals (HNIs) for setting up start-ups.

Terming the launch of the new policy as a "giant leap for start-ups and innovators", the lieutenant governor said it has been meticulously drafted to establish 2,000 start-ups in the Union Territory by 2027, underscoring the commitment of the administration to foster a dynamic entrepreneurial ecosystem.

"New start-up policy aims to set up a Rs 250-crore venture capital fund, with an initial infusion of Rs 25 crore from the J&K administration. This fund will provide crucial support for growth, early-stage financial hand-holding and it will encourage growth of viable business models," he said, addressing entrepreneurs and innovators on the occasion.

The ieutenant governor said the new start-up policy aims to establish the Union Territory as one of the leading start-up ecosystems by 2027.

"It will establish and empower new incubation centres, seed funding through J&K Entrepreneurship Development Institute (JKEDI) for developing the prototype of innovative products and provide additional support to female entrepreneurs," Sinha said.

LG Sinha called for a collective action to build a dynamic economic environment in the Union Territory where business can thrive, investment can prosper and entrepreneurs can actualise their aspirations.