SRINAGAR: The Industries & Commerce Department today formally rolled out the maiden “J&K Start-up Policy-2018” for the state. The Policy was approved by the State Administrative Council (SAC) headed by Governor Satya Pal Malik last week.
Giving details, Principal Secretary Industries & Commerce, said the Policy aims 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 the State.
He said the Government through this Policy aims to empower Startups to grow through innovation and design which inter-alia will help in accelerating economic growth and generating employment opportunities.
Kumar said the Policy will facilitate and nurture the growth of new Start-ups through establishment of at least 10 new state-of-the-art incubators, Innovation Labs and Fabrication Labs across all three regions of the State including private sector. A strong institutional framework will be put in place for effective implementation, monitoring and evaluation of this policy.
He said a monthly allowance upto Rs 12,000 (for a period of one year) during incubation and one-time assistance upto Rs 12 lakhs shall be given to a recognized Start-up for Product Research & Development or introduction of an innovative product or service in the market.
A Start-up, he said, shall be eligible for Energy Assistance, International Patent Filing Cost Reimbursement, Tax benefits/ relaxations in Public Procurement processes.
Other interventions proposed in the Policy are creation of Innovation/Skill Development Fund, establishment of Jammu and Kashmir Angel Network (JKAN), Academic Interventions and Awareness and Outreach.
The Policy shall give special attention to Start-ups with disruptive value additions in Food Processing and Allied activities, Agriculture including Horticulture and Floriculture, Textiles, Apparel & Fashion Technology, Renewable Energy, Handicrafts & Handlooms and their design element, Electronics System Design and Manufacturing, Information Technology enabled Services. The Policy shall be valid for a period of ten years or till a new Start-up Policy is framed by the Government.
The Policy shall be valid for a period of ten years or till a new Start-up Policy is framed by the Government.