Start-Up Policy-18 rolled out

SRINAGAR: The state government Tuesday rolled out state's maiden 'Start-Up Policy 2018', which will be in force for next 10 years, for inspiring and nurturing a new breed of entrepreneurs.

"The Industries and Commerce Department 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," an official spokesman said.

Giving details, Principal Secretary Industries and 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 start-up ecosystem in the state.

He said the government through this policy aims to empower start-ups to grow through innovation and design which will in turn help in accelerating economic growth and generating employment opportunities.

Kumar said the policy will facilitate and nurture the growth of new start-ups through the establishment of at least 10 new state-of-the-art incubators, innovation labs and fabrication labs across all three regions of the state including the private sector.

A strong institutional framework will be put in place for effective implementation, monitoring and evaluation of this policy, he said.

Kumar said a monthly allowance up to Rs 12,000, for a period of one year, during incubation and one-time assistance up to Rs 12 lakhs shall be given to a recognised start-up for product research and development or introduction of an innovative product or service in the market.

"A start-up shall be eligible for energy assistance, international patent filing cost reimbursement, tax benefits and relaxations in public procurement processes," he added.

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, he said.

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 and fashion technology, renewable energy, handicrafts, handlooms and their design element, electronics system design and manufacturing and 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, he added.