Thrust on Food Processing, Agriculture, Horticulture, Floriculture, Textiles, Handlooms& Handicrafts

ZT News Network

SRINAGAR, SEPTEMBER 12: In a significant decision that could go a long way to facilitate and nurture growth of  start-ups in J&K, the State Administrative Council (SAC) has approved the “J&K Start-up Policy 2018”.

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.

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 where the decisions were taken.

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