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.
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