Srinagar, March 27 -- Jammu and Kashmir's IT sector has recorded a sharp drop in new startups.

A cursory look at the data accessed by The Kashmir Monitor suggested that the sector has been witnessing a gradual fall in the emergence of new IT start-ups.

Compared to the emergence of 95 new IT companies in 2021-22, only 11 new IT companies were set up last year. Data revealed from 95 new IT companies in the year 2021-22, the number reduced to 69 in 2022-23, and 15 in 2023-24.

Figures also reveal the declining trend in the annual turnover of J&K's IT sector. Compared to an annual turnover of Rs 38,60,70,442 in the year 2021-2022, it reduced to Rs 11,87,66,303 in 2022-24.

Moreover, the closure of IT businesses has further compounded the pr...