Jammu, Feb 22: The Administrative Council (AC) which met here under the chairmanship of Lieutenant Governor Manoj
Sinha accorded administrative approval for the development of seven new industrial estates in Jammu and Kashmir spread over 5290 kanal of land for an amount of Rs 304.51 crore.
The estimated investment in these seven new Industrial Estates is Rs 8700.16 crore with an employment potential of 28,376 persons.
These seven new industrial estates are situated at Banderpora, Budgam; Sempora Medicity, Srinagar; Bhagthali, Kathua; Karandi, Samba; Trenz, Shopian; Hariparigam Tral, Pulwama’ and Khunmoh, Pantha Chowk Srinagar.
New Industrial Estate Banderpora, Budgam, involving 64 kanal of state land would be developed at an estimated cost of Rs 22.74 crore by IRCON.
The project would attract investment to the extent of Rs 78.12 crore and generate employment for 735 persons.
New Industrial Estate at Sempora Medicity, Srinagar, involving 517 kanal of state land would be developed at an estimated cost of Rs 22.60 crore by IRCON.
The project would attract an investment of Rs 1825.45 crore and has employment generation potential of around 11,643.
The New Industrial Estate at Bhagthali, Kathua, involving 2949 kanal of state land would be developed at an estimated cost of Rs 83.13 crore by NBCC.
The project would attract investment of Rs 4599.89 crore and has employment potential of around 8278.
The New Industrial Estate at Karandi, Samba, involving 460 kanal of state and private land would be developed at an estimated cost of Rs 34.45 crore by NBCC.
The project would attract investment of Rs 756.89 crore and has employment potential of around 3965.
The New Industrial Estate at Trenz, Shopian, involving 500 kanal of state land would be developed at an estimated cost of Rs 68.06 crore by NBCC.
The project would attract investment of Rs 850 crore and has employment potential of around 900.
The New Industrial Estate at Hariparigam Tral, Pulwama, involving 200 kanal of land would be developed at an estimated cost of Rs 28.17 crore by NBCC.
The project would attract investment of Rs 124.81 crore and has employment potential of around 2500.
The New Industrial Estate at Khunmoh, Pantha Chowk, Srinagar, involving 600 kanal of land would be developed at an estimated cost of Rs 45.36 crores by IRCON.
The project will attract investment of Rs 465 crore and has employment potential of around 355.
The Administrative Council also approved the J&K Startup Policy 2024-27 in supersession to the Startup Policy notified in the year 2018.
The policy has the objective of setting up 2000 new startups in J&K in the next 5 years.
The J&K government would set up a Venture Capital Fund of Rs 250 crore and would infuse a maximum of Rs 25 crore as an initial fund to this venture capital fund.
The venture capital fund so created would invest primarily in recognised startups of J&K.
The department would work out detailed modalities for the creation of venture funds and their usage in consultation with the Finance Department.
The department might also work out a mechanism to facilitate the allotment of land to startups having good potential for growth.
There is also a provision of one-time assistance as Seed Funding up to Rs 20 lakh (4 equal instalments) to be provided to startups recognised by JKEDI, which is a nodal agency for startups.
For seed funding, there is a capping of 25 startups per year, which is a decision based on the available budget and desire to support a manageable number of startups effectively.
The government is committed to establishing 2000 startups in three years but by providing seed funding to a smaller number of carefully selected startups, the government can prioritise quantity over quality for long-term economic growth.
This would also ensure that the resources are utilised efficiently.
The budgetary support for the implementation of the Startup Policy for three years would be Rs 39.60 crore to nurture and inspire the entrepreneurial talent of J&K by creating a vibrant and robust startup ecosystem in J&K.
The government felt that there was a need to re-furbish the existing start-up policy issued in the year 2018 and bring a new policy suited to meet model challenges in this sector in J&K.
After the feedback received from various stakeholder consultations by the Industries and Commerce Department, the need was felt to strengthen the incubation and acceleration ecosystem for startups, which has been addressed in the current policy.
The implementation of this scheme in J&K would be monitored by a High Powered Committee headed by the Chief Secretary and implemented by a Task Force Committee headed by the Administrative Secretary, Industries and Commerce.
The policy provides for providing entrepreneurship facilities to students and women, and support to entrepreneurs through government, private, and high-net-worth individuals for setting up of startups.
Advisor to the Lieutenant Governor, Rajeev Rai Bhatnagar; Chief Secretary, Atal Dulloo; and Principal Secretary to LG Mandeep Kumar Bhandari attended the meeting.