Jammu and Kashmir Government is contemplating to formulate a policy to help startups to get public listed on the stock exchanges, Principal Secretary, Industries and Commerce Shailendra Kumar said on Saturday.
According to an official spokesperson, Kumar said this while chairing an interactive session with around two dozen young innovators of Kashmir at Sanat Ghar here in Bemina.
Kumar, according to the spokesperson also said, "We (government) are aggressively pursuing big businesses across the country to invest in Jammu and Kashmir-based startups and we are hopeful that our efforts will bear fruits.
Kumar said the government has announced a slew of incentives under J&K Startup Policy 2018 which was approved by the State Administrative Council (SAC) earlier this month.
He said the state government is committed for providing a vibrant ecosystem under J&K Startup Policy 2018 to foster an environment for innovation.
"The child has been conceived in the womb," he said, referring to the SAC's approval of the Startup Policy, "Now it will require some time and care to develop organs and assume a proper shape. Innovators are like newborns in a family who need handholding and special treatment to grow up and contribute meaningfully towards the society," he said.
During the interaction, the valley-based innovators raised various issues with the Principal Secretary regarding the simplification of processes involved in planning, strategy, funding and marketing of the Startups. Kumar said the government is going to hire a global consultancy which will remove bottlenecks in providing an enabling environment for the local startups.
He said the government has already announced a slew of incentives under the Startup Policy and innovators are not required to disclose their turnover and no experience is asked of them to venture into any field of innovation, "Under the new policy, we have also reserved land in industrial estates for Startups. All the issues faced by you will be sorted out gradually," he said.
"Government tries its best to provide you the best of facilities. But struggle and learning are part of the process. They will make you a better person. When you go through the grind, you will emerge a stronger person," he said.
Under the new policy, startups will get office space at subsidized price, monthly allowance of Rs 10,000 to 12,000- and one-time assistance of Rs 10 lakh – Rs 12 lakh, subject to approval of state's 'Task Force,' for Startups and energy assistance of 100 percent subsidy on purchase of diesel generator, solar/wind generator, etc. About 58 startups from J&K are registered with Directorate of Industrial Policy and Promotion.
"With Atal Incubation Centres coming up, the government will provide free space for innovators who are recognised by the 'Task Force'. The government also acknowledges the need for an IT Park for startups and it will be examined but patience and perseverance are the keys. If you run into rough weather, don't get frustrated. Struggle is part of progress. You are now connected with the government. We will take you to your destination but we need you to be determined. Once this journey starts, we will reach the destination together," he said.
The Principal Secretary asked the officers to organize a meeting of innovators with the administrative secretaries of various state departments and monthly meetings with the industries department for necessary for exchange of views.
"It will also lessen your problems to the extent government can help. Facilitation centres will be established soon. Don't expect overnight change but work rigorously and continuously. This group should become a knowledge treasure which can be passed on to younger generation," he said, while asking the officers to make the portals under new policy (www.startupjk.com and www.investjk.in) lives for registrations.
The meeting was also attended by director Jammu and Kashmir Entrepreneurship Development Institute (JKEDI), MI Parray, senior officers of Industries and Commerce and other allied departments.