SRINAGAR: Principal Secretary, Industries and Commerce, said the State Government is committed for providing a vibrant ecosystem under J&K Start-Up Policy 2018 to foster an environment for innovation.
Chairing an interactive session at Sanat Ghar here in Bemina with around two dozen young innovators of Kashmir Valley, Kumar said the Government has announced a slew of incentives under J&K Start-Up Policy 2018 which was approved by the State Administrative Council (SAC) earlier this month.
“The child has been conceived in the womb,” he said, referring to the SAC’s approval of the Start-Up Policy, “Now it will require some time and care to develop organs and assume a proper human shape. Innovators are like newborns in a family who need handholding and special treatment to grow up and contribute meaningfully towards the society,” he said.
He said the Government is contemplating to formulate a policy which will help Start-Ups in getting listed on the Stock Exchange, “We are aggressively pursuing big businesses across the country to invest in Jammu and Kashmir-based Start-Ups and we are hopeful that our efforts will bear fruits,” he said.
During the interaction, the Valley-based innovators raised various issues with the Principal Secretary regarding the simplification of processes involved in planning, strategy, funding and marketing of the Start-Ups. Kumar said the government is going to hire a global consultancy which will remove bottlenecks in providing an enabling environment for the local Start-Ups.
He said the Government has already announced a slew of incentives under the Start-Up Policy and innovators are not required to disclose their turnover and no experience is asked of them to venture into any field of innovation, “Under the new policy, we have also reserved land in industrial estates for Start-Ups. All the issues faced by you will be sorted out gradually,” he said.
“Government tries its best to provide you the best of facilities. But struggle and learning are part of the process. They will make you a better person. When you go through the grind, you will emerge a stronger person,” he said.
Under the new policy, Start-Ups will get office space at subsidized price, monthly allowance of Rs 10,000 to 12,000- and one-time assistance of Rs 10 – 12 lakh, subject to approval of state’s ‘Task Force,’ for Start-Ups and energy assistance of 100 percent subsidy on purchase of diesel generator, solar/wind generator, etc. 58 Starts-Ups from J&K are registered with Directorate of Industrial Policy and Promotion.
“With Atal Incubation Centres coming up, the Government will provide free space for innovators who are recognized by the ‘Task Force’. The government also acknowledges the need for an IT Park for Start-Ups and it will be examined but patience and perseverance are the key. If you run into rough weather, don’t get frustrated. Struggle is part of progress. You are now connected with the government. We will take you to your destination but we need you to be determined. Once this journey starts, we will reach the destination together,” he said.