Innovation is one of the Key ‘Mantras’ to achieve the goal of ‘Atmanirbhar Bharat’ as envisioned by Prime Minister Narendra Modi. The innovation field, in all the states, is gearing up and various policies, including start-up policy, have been adopted by different states under the guidance of the current government.
The crown state of India, Jammu and Kashmir (J&K) is also very much in focus and is slowly and steadily picking up the pace.
Meaning of a Start-up
Under Start-up policy 2018, a start-up is defined as any company:
Registered within a period of last seven years
With a yearly turnover of less than Rs 25 Crore
New-spring companies (splitting up or reconstruction of existing business does not fall under the purview)
Not incorporated/registered as a subsidiary of current Indian/foreign company
With a focus on innovation, development or improvement of product/services/processes
Incorporated/registered in J&K with 50 per cent native/intrinsic work-force
With a scalable business model (high employment generation and wealth creation opportunity)
Some Key Benefits of the Start-up Policy
Availability of co-working office Space with uninterrupted high-speed internet at subsidized price
Monthly allowance of Rs 10,000 for a period of one-year for recognised start-ups and Rs 12000 for backward groups, women entrepreneurs and specially-abled section (approval & conditions apply)
One-time the assistance of Rs 10 lakhs for product research and development
As per state industrial 2016-2026 policy, 100 per cent subsidy on purchase and installations of Diesel/Solar/Wind Generators or Hybrid Solar Wind System and uninterrupted power supply
International patent filing cost reimbursement (50 per cent of the actual cost incurred or up-to Rs five lakhs whichever is less)
Tax benefits and exemptions as per the Industrial Policy 2016 and any periodic changes made in the policy
Self-Certification process for Start-up and Micro and Small enterprises under Labour Laws
Corpus fund for training workshops, travel/daily allowance and subsidized stall space. Domestic/International travel to selected start-ups including women entrepreneurs
World-class Infrastructure support by providing Incubators and Fabrication Labs
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The crown state of India, Jammu and Kashmir (J&K) is also very much in focus and is slowly and steadily picking up the pace.
What’s in It for Me?
With an objective of 500 new start-ups in the next 10 years, the policy ensures that the new and aspiring start-ups and small businesses get investments at an early age and financing on convenient terms i.e. soft loans and collateral-free lending.
Along with the above listed benefits, the start-ups and small businesses, with a focus on the below mentioned sectors, will benefit a lot under this policy:
Food Processing and allied activities
Agriculture including Horticulture and Floriculture
Textiles & Fashion Technology
Renewable Energy
Handicrafts and Handlooms and their design element
Electronics System Design and Manufacturing
Information Technology-enabled Services
With the J&K start-up policy, all leading start-ups and small business owners get an opportunity to inspire and mentor the youth through the various programmes like Youth Innovation and Exposure Programmer (YIEP) and Mentorship boot-camps. Thus, inspiring and building a capable workforce that can be their working partners and core contributors in the coming years.
