SRINAGAR: In a significant decision to facilitate and nurture growth of new Start-ups, the State Administrative Council (SAC), which met here today under the chairmanship of Governor, Satya Pal Malik approved the “J&K Start-up Policy 2018”.
Advisors to the Governor, B B Vyas, K Vijay Kumar and Khurshid Ahmad Ganai, Chief Secretary, B V R Subrahmanyam and Principal Secretary to Governor, Umang Narula attended the meeting.
The Policy aims to 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. The Government through this Policy aims to empower Start-ups to grow through innovation and design which, inter-alia, will help in accelerating economic growth besides generating employment opportunities.
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 will facilitate growth of new Start-ups through establishment of at least 10 new state-of-the-art incubators, Innovation Labs and Fabrication Labs across the 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.
A Monthly Allowance upto Rs 12,000 (for a period of one year) during incubation and one-time assistance upto Rs 12 lakh 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 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 be valid for a period of ten years or till a new Start-up Policy is framed by the Government.