6 September, Srinagar According to official figures from the Ministry of Corporate Affairs, close to 5000 enterprises have opened in Jammu and Kashmir during the course of the preceding five years.
The Ministry’s figures demonstrate a positive trend in Jammu and Kashmir, which has seen a growth in entrepreneurship in India.
A startling 159,339 firms were registered nationwide for the fiscal year 2022–2023. 167,076 firms were registered in 2021–2022, 155,377 in 2020–2021, 122,721 in 2019–2020, and 123,938 in 2018–19, according to the statistics.
In the last five years, the nation as a whole has recognised an impressive 80,757 startups.
1,545 firms were registered in Jammu and Kashmir in 2018–19, 494 in 2019–20, 820 in 2020–21, 1 056 in 2021–22, and 1 015 in 2022–23.
Agriculture and related businesses, manufacturing, construction, electricity, gas, and water supply, mining and quarrying, business services, community, personal, and social services, real estate and renting, trading, transport, storage, and communications, as well as finance and insurance, are among the industries represented by the registered companies.
Jammu and Kashmir has embraced the idea of Limited Liability Partnerships (LLPs) as a vehicle for business development, coinciding with the rise in company registrations and startup recognitions.
242 LLPs have been formed in Jammu and Kashmir during the last five years.
24 LLPs were registered in 2018–19, 30 in 2019–20, 61 in 2020–21, 64 in 2021–22, and 63 in 2022–23, according to the statistics.
Recently, Union Minister Jitendra Singh acknowledged these developments and emphasised the StartUp India program’s revolutionary effects.
The government’s initiatives to encourage innovation and private investment are perfectly in line with the brisk rise in commercial activity in Jammu and Kashmir.
The Ministry of Commerce & Industry’s Department for Promotion of Industry and Internal Trade started the Startup India programme on January 16, 2016, and it has been instrumental in fostering the startup ecosystem throughout the country.
This programme aims to foster an atmosphere that is favourable to innovation, support businesses, and draw in private funding to support economic development.
