The Jammu & Kashmir Government has recently 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.
Here are 5 things to know about it:
- The policy will facilitate and nurture the growth of at least 500 new start-ups in Jammu and Kashmir in the next 10 years.
- The state will establish 10 new incubators in all three regions. 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.
- The administration will also facilitate setting up of three fabrication labs, one each in Jammu, Ladakh and Kashmir. Under the policy, a company shall be considered a start-up if it is incorporated and registered within the period of past seven years and its turnover for any of the financial years since incorporation or registration has not exceeded Rs 25 crore. It should be incorporated or registered in Jammu and Kashmir and 50 per cent of its permanent workforce should be from the state.
- 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.
- 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.
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By approving the startup policy, the J&K government has taken a step in the right direction to open up the doors of development in the state. The J&K startup policy will not only encourage the youth to explore entrepreneurial ventures but also improve the state’s economy.