JKEDI recognized ventures to get DPIIT GoI benefits
Excelsior Correspondent
JAMMU, Mar 3: The Jammu and Kashmir Government will give one-time assistance up to Rs 20 lakh in four equal installments to Start-ups recognized by Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) and will also earmark a special fund of Rs 10 lakh for providing specific/ complex/ technical mentorship support for them.
This is part of the Start-up Policy of the Jammu and Kashmir Government for 2024-27 released by Lieutenant Governor Manoj Sinha today.
“A one-time assistance up to Rs 20 lakh (4 equal installments) shall be provided to Start-ups recognized by JKEDI. The seed funding shall be provided to the Start-ups for developing prototype/introduction of an innovative product or service in the market/marketing of the product or any other activity for scaling up their Start-up venture allowed by Start-up Task Force Committee,” the Start-up Policy document, revealed.
It said the seed funding shall be provided based on evaluation criteria laid down in Start-up Policy operational guidelines. However, funding installments shall be subject to the progress of the Start-up monitored by concerned incubator or nodal agency, JKEDI. The seed funding cases shall be approved by Start-up Task Force Committee.
“The Government through JKEDI shall earmark a special fund of Rs 10 lakh for providing specific/complex/technical mentorship support for the Start-ups recognized by JKEDI, which is locally not available in the incubation centres, educational institutes, or any other Government institutes of the UT. This mentorship support shall include providing international mentors, top reported mentors and mentorship of fresh local talent,” the Policy document said.
It said the eligible Start-ups recognized with JKEDI and Department for Promotion of Industry and Internal Trade (DPIIT) shall be facilitated to avail loan under Credit Guarantee Scheme for Start-ups as per rules and regulations laid down by DPIIT for Credit Guarantee Scheme for Start-ups.
The Start-ups recognized by JKEDI shall be facilitated for Start-up registration with DPIIT, Government of India. This recognition will further extend the benefits and incentives offered by the DPIIT to the recognized Start-ups.
As per the Policy, there will be a High-Level Empowered Committee (HLEC) for Start-ups which will periodically monitor the performance of J&K Start-up ecosystem. The Committee shall take necessary decision for encouragement of innovations in Jammu and Kashmir and modify the Start-up Policy-guidelines from time to time, if felt necessary.
The Chief Secretary will be the Chairman of the Committee. The Start-up Task Force will, however, be headed by the Administrative Secretary, Industries & Commerce Department and will monitor implementation of the policy and decisions of HLEC on regular basis.
Asserting that market access is crucial for the success and growth of Start-ups, the Policy document said the UT Government through JKEDI shall implement specific interventions to provide domestic and international market access opportunities to the recognized Start-ups of JKEDI.
“The Government shall attempt to provide business opportunities to Start-ups with a good track record, after having one on one discussion with Start-ups. The Government departments/ agencies/PSUs shall be encouraged to relax norms in public procurements processes for all recognized Start-ups subject to fulfillment of quality and technical specifications,” the Start-up Policy revealed.
The JKEDI has established various basic facilities for an efficient Start-up ecosystem. The Start-up hub shall be accordingly located in JKEDI premises at Pampore in Kashmir and Bari Brahmana in Jammu.
The document said that to assist local Start-ups to raise funds for private investors, Start-up Investor Meet programmes will be organized annually in Jammu and Kashmir.
“The Government will monitor various key parameters on a quarterly basis to evaluated the Start-up ecosystem in the UT,” the document said. The Government will also create dashboard for ecosystem players and stakeholders which will be updated on a regular basis to keep a real-time track on the activities of Start-ups. It will also work as a feedback portal to identity challenges faced by the Start-up ecosystem in Jammu and Kashmir,” it added.
The Government will also create a quarterly feedback mechanism from Start-ups, mentors, incubators and other related stakeholders on its portal. These surveys, focus groups or public consultations, will gather input from Start-ups and other stakeholders on the implements of the Start-up Policy. The feedback will help provide valuable insights into the challenges faced by Start-ups and the support they intend to receive.
The Government will also establish a Technical Support Unit (TSU) in JKEDI to orchestrate network activities between various Start-up ecosystem players.
The Policy shall give special attention to Start-ups with disruptive value additions in illustrative focus sectors including Food Processing and Allied activities, Agriculture & allied sectors including Horticulture and Floriculture, Handicrafts and Handlooms and their design element, Education, healthcare and Pharmaceuticals, Textiles, Apparel & Fashion Technology, Renewable Energy, Electronics System Design and Manufacturing, Information Technology enabled Services, Tourism/ Adventure Sports and Environment Protection/Green Technologies.
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