Draft ‘Sagarmala Innovation and Start-up Policy’

The Ministry of Ports, Shipping and Waterways has recently issued the Sagarmala Innovation and Start-up Policy to encourage innovation and entrepreneurship in the maritime sector in India. The policy aims to create a conducive environment for the growth of start-ups and other entities in the maritime sector, leading to sustainable development and employment opportunities.

Objective of the Policy

The primary objective of the Sagarmala Innovation and Start-up Policy is to nurture start-ups and other entities to co-create the future of India’s growing maritime sector. The policy aims to create an innovation ecosystem that promotes entrepreneurship, innovation and technology in the maritime sector.

Key Areas for Start-up Growth

The draft policy has identified nine key areas for start-ups to flourish in the maritime sector. These include decarbonization, optimizing processes through data, maritime education, multi-modal transportation, manufacturing, alternate/advance materials, maritime cybersecurity, smart communication, and marine electronics. The policy aims to provide support to start-ups in these areas through various means, such as funding, mentorship, and infrastructure support.

Selection of Start-ups

The selection of start-ups will be made through a digital portal-based selection process to ensure transparency. The policy aims to provide grants for creating a minimum viable product/service (MVP), commercializing proprietary technology, including market entry or scaling up.

Launch Pads

The draft policy introduces Launch Pads as facilities at Ports for carrying out trials, facilitating pilot projects, establishing working space, and adopting products and solutions. The Launch Pads will provide a platform for start-ups to showcase their ideas and innovations.

Annual Start-up Awards

The annual Start-up Awards in the maritime sector aim to recognize distinguished efforts of innovation in the maritime sector. The awards will encourage innovation and entrepreneurship in the maritime sector.

Support for Non-registered Start-ups

The policy aims to provide guidance for registration of start-up and availing Department for Promotion of Industry and Internal Trade (DPIIT) recognition to non-registered start-ups and individuals with promising ideas in the maritime sector.

Legal and Accountancy Support

The policy aims to provide legal and accountancy back up to start-ups for IP-Patent filing, company registration, annual filings, and closures.

Maritime Innovation Hubs (MIH)

The draft policy introduces Maritime Innovation Hubs (MIH) as centers that will perform various functions such as developing incubators and accelerators with state of the art facilities and attracting investment for eligible start-up businesses. MIH will conduct ‘know-how’ sessions about various aspects of the maritime industry and launch innovation-focused programs.

Centralized Repository

The centralized repository will contain all pertinent information to assist emerging entrepreneurs. The repository will provide access to relevant data, research, and other resources required for entrepreneurship.

Collaboration with National and International Stakeholders

MIH will collaborate with national and international stakeholders for mentorship, knowledge sharing and facilitate access to global subject matter experts, serial entrepreneurs, business leaders, and investors.

Promoting Sustainable Growth

The draft policy aims to promote sustainable growth by nurturing start-ups and facilitating innovation in the country. It is expected that this will drive sustainable growth and generate large-scale employment opportunities in the maritime sector.

Significance of the Sagarmala Innovation and Start-up Policy

The Sagarmala Innovation and Start-up Policy is significant for the maritime sector in India as it aims to create a strong innovation ecosystem that will lead to significant development in the sector and create numerous employment opportunities. The policy will promote entrepreneurship, innovation, and technology in the maritime sector, leading to sustainable growth and development.

Month: Current Affairs – April, 2023

Category: India Nation & States Current Affairs