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Source: The post is based on the article “Draft ‘Sagarmala Innovation and Start-up Policy’ issued for Stakeholder Consultation” published in PIB on 10th April 2023
What is the News?
The Ministry of Ports, Shipping and Waterways(MoPSW) issued a draft on ‘Sagarmala Innovation and Start-up Policy’.
What is the Draft Sagarmala Innovation and Start-up Policy?
Aim: To nurture start-ups and other entities to co-create the future of India’s growing maritime sector.
Identified areas: The policy identified several key areas for the startups to flourish which include: decarbonisation, optimizing processes through data, maritime education, multi-modal transportation, manufacturing, alternate/advanced materials, maritime cybersecurity, smart communication and marine electronics.
Key Features of the Policy:
Digital Portal-based selection of startups ensuring a transparent process.
Grants to create a minimum viable product/ services (MVP), commercialization of proprietary technology including market entry or scaling up.
Creation of ‘Launch pads’ at Ports for carrying out trials, facilitating pilot projects, establishing working space and adopting products and solutions.
Annual Start-up Awards in the maritime sector recognizing distinguished efforts of innovation.
Provide legal and accountancy backup to start-ups for IP-patent filing, company registration, annual filings and closures.
What are Maritime Innovation Hubs(MIH)?
The promotion of startups will be through the Maritime Innovation Hubs(MIH). It shall perform the following functions:
– Serve as the hub of the startup ecosystem for national and international collaboration
– Develop a central database for all pertinent information to assist emerging entrepreneurs in the maritime industry.
– Attract investment for eligible start-up businesses and innovative maritime technology
– Entrepreneur development through ‘know-how’ sessions about the various aspects of the maritime industry.
What is the Sagarmala Initiative?
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