Jammu, Feb 26 (IANS): The Jammu and Kashmir administration sanctioned Rs 1.20 crore for 12 startups on Wednesday.

The decision was taken in the first Start-up Task Force meeting held under the chairmanship of the Commissioner Secretary of Industries and Commerce, M.K. Dwivedi, here.

The amount was sanctioned for product research, development and marketing to 12 selected startups under the J&K Startup Policy.

The policy was launched in 2018 and the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) was designated as the nodal agency for the implementation of the policy in the state.

The aim of the policy is to nurture and inspire the young and entrepreneurial brains of Jammu and Kashmir to pursue innovation and entrepreneurship by creating a vibrant and conducive startup ecosystem in J&K.

During the meeting, the Commissioner Secretary appreciated the efforts of JKEDI and said that more such startups will be scouted in the region.

He directed that the nodal agency should continue to handhold the startups and provide all possible help to them.

Dwivedi also stressed on the need to bring on board investors and venture capital firms to develop a robust structure of financial assistance.

Eighteen startups pitched their cases for funding, in which 12 were approved while 6 were asked to review their revenue models and marketing strategies. The startups were approved under various sectors like edu-tech, agriculture, healthcare, waste management, and in various other fields.