Success of policies depend on market, we have Pakistan on one side & China on the other: BBIA on J&K’s startup policy

Jammu, Sep 14 (KNN) State Administrative Council (SAC), Jammu and Kashmir (J&K), has approved the J&K Startup Policy 2018 aiming towards encouraging young entrepreneurs of the state to innovate and create a conducive start-up ecosystem.

The policy was approved during a meeting on September 13, which was chaired by Satya Pal Malik, the governor of the state.

The objective of policy is to inspire young entrepreneurs of the state to pursue innovation and create a conducive and vibrant startup ecosystem in J&K.  The policy even aims at generating employment opportunities by also helping the existing startups to grow through innovation and design. This in turn will also accelerate economic growth of the state.

Speaking to KNN, Bari Brahmana Industries Association (BBIA) President, Lalit Mahajan said, “It is a great initiative and will be beneficial for the talented youth of J&K.”

Adding further he said, “These policies can only work if there is a good market. On one side we have China and Pakistan on the other. There are various concerns regarding the policies. Government should focus on MSMEs first.”

He summed up saying, “It will be great to see how these policies work in future. The step taken by the government is appreciated, but should be implemented properly.”

Policy will be valid for the next 10 years. According to the policy, startups will be provided a monthly allowance of INR 12,000 for a period of one year during incubation.

Recognized startups will receive one-time assistance of IN 12Lakh for product research and development. This assistance will also be available for startups introducing an innovative product or service in the market, according to the policy passed.

The state is rich in natural resources and handicrafts, the policy will help grow the economy faster and will boost the spirit of entrepreneurship in the state.

The State Government also made some amendments to its two startup schemes - Seed Capital Fund Scheme (SCFS) and Youth Startup Loan Scheme (YSLS). The government also enhanced the age limit, speed capital and the loan amount.

Jammu & Kashmir Bank had decided to introduce a special startup vertical, to encourage entrepreneurs to start their own MSME units.

This approval of policy by the Government will promote entrepreneurship in the state and motivate the youth to explore the entrepreneurial venture. This will further help the economy of the state to grow.