JAMMU: The Jammu and Kashmir government will facilitate the growth of at least 500 new startups in the state in the next one decade under its ‘Start-Up Policy 2018’, a top official said.
The Jammu and Kashmir government last month rolled out the ‘Start-Up Policy 2018’, which will be in force for the next 10 years, for inspiring and nurturing a new breed of entrepreneurs.
“The policy will facilitate and nurture the growth of at least 500 new startups in Jammu and Kashmir in next 10 years”, Principal Secretary Industries and Commerce Shailendra Kumar said.
Under the policy, the government will establish at least 10 new incubators across all three regions of the state.
Apart from facilitating access to early-stage investments for aspiring and existing start-ups, the policy will facilitate setting up of innovation Labs in selected higher secondary schools and colleges across the state, he said.
The government will also facilitate setting up of three fabrication labs, one each in Jammu, Ladakh and Kashmir respectively.
The government will create a strong institutional framework for effective implementation, monitoring and evaluation of this policy, he added.
The policy put in place by the department of industries is aimed 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.
A startup hub would be set up and it will fundamentally be a platform for existing as well as aspiring entrepreneurs to get connected with various promoters or start-up ecosystem such as business incubators, accelerators, Venture Capital firms, angels, mentors, etc.
A start-up shall be considered as a start-up, under this policy, if it is incorporated and registered, within the period of past 7 years and its turnover for any of the financial since incorporation or registration has not exceeded Rs 25 crore.
It should be incorporated or registered in Jammu and Kashmir and employees at least, 50 per cent of its permanent workforce the state, the policy said.
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 lakh 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, the 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.