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Govt rolls out maiden ‘JK Start-Up Policy-2018’

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Policy aims to nurture JK’s young entrepreneurial brains to pursue innovation: Shailendra Kumar

SRINAGAR, SEPTEMBER 18: 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, Shailendra Kumar 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.

Kashmir Images is an English language daily newspaper published from Srinagar (J&K), India. The newspaper is one of the largest circulated English dailies of Kashmir and its hard copies reach every nook and corner of Kashmir Valley besides Jammu and Ladakh region.

Kashmir Images
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