Prime Minister Narendra Modi‘s goal of creating an independent India, or “Atmanirbhar Bharat,” has significantly impacted the startup culture in “Naya Jammu and Kashmir.”
With relation to the encouragement of startup culture, Jammu and Kashmir have seen a considerable transition since Article 370 was repealed. The administration’s actions and assistance have given the kids access to various options.
PM Modi’s emphasis on innovation and entrepreneurship motivated the youth to establish their businesses. After the Centre read down Article 370, more than 500 odd startups, according to officials, have been registered in the Himalayan region.
These firms have been founded in several important sectors, including e-commerce, horticulture, agriculture, food, tourism, and crafts.
The third edition of the national government’s “Ranking of States on Support to Startup Ecosystems” placed Jammu & Kashmir first overall and in the Northeast region.
The Department of Industrial Policy and Promotion (DIPP) has recognised 544 companies in J&K, 186 of which are run by women, according to StartupIndia.gov.
Over the past three years, the Jammu & Kashmir Entrepreneurship Development Institute (JKEDI) has become a crucial organisation for aspiring business owners.
The JKEDI offers eligible young people seed money up to Rs 7.5 lakh through the Seed Capital Fund Scheme (SCFS). Entrepreneurs receive a one-time “seed capital” award to help them finance their business ambitions. Bank loans with low-interest rates are used to pay the remaining business expenses.
JKEDI plans to teach 10,000 young people in J&K entrepreneurial skills for sustainable livelihoods under the umbrella of “Project Himayat,” an initiative of the Union Ministry of Rural Development, and to ease access to funding and support services for at least 50% of them over the next three and a half years.
To support and develop entrepreneurs, the National Minorities Development Finance Corporation (NMDFC) and the Youth Startup Loan Scheme (YSLF) have been established.
Incubation facilities and startup hubs are giving Jammu and Kashmir’s startups the resources, infrastructure, and networking opportunities they need to succeed.
In all 20 districts of the Union Territory, the administration has set a goal of generating 3000 startups during the next five years. For the young people of J&k in their native land over the last three years, the administration has opened new vistas and paths.
They are fully utilising the programmes that have been created for them. The young now play a crucial role in PM Modi’s plan to create “Naya Jammu and Kashmir.”