Delhi government's vision is to transform the national capital as a 'Global Innovation Hub' and the most preferred destination for startups by 2030.
In what can be termed as an ambitious project, Delhi Chief Minister Arvind Kejriwal, announced on Thursday, that the Cabinet had passed the Delhi Startup Policy, aiming to make the national capital an international startup hub by 2030. Under this policy, the Delhi government will promote young entrepreneurs by providing financial assistance for their projects.
The policy is linked to the Delhi Budget 2022-23, which aims to create two million jobs by 2027 through various interventions and business promotion. The government will also form a 20-member task force, consisting of chartered accountants, lawyers, government officers, academics and trade representatives who will assist budding entrepreneurs in setting up their businesses.
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Chief Minister Arvind Kejriwal said that the Business Blasters Program, run in Delhi government schools, will be extended to students of state-run colleges so that they can work on their business ideas with seed money from the state government. Such students will also be allowed to take leave for one to two years to focus on their business.
Idea behind the startup policy
The Delhi government's vision is to transform the national capital as a 'Global Innovation Hub' and the most preferred destination for startups by 2030.
The government will create an 'enabling ecosystem for innovation-based economy and fostering entrepreneurial spirit through a robust support mechanism'.
The state government intends to encourage, facilitate and support 15,000 startups by 2030 under the Delhi Startup Policy.
The project aims at creating entrepreneurs and business leaders out of the Delhi youth, as envisioned by Chief Minister Arvind Kejriwal.
The policy will also focus on the youth by teaching entrepreneurship to students in Classes 9-12 and giving them seed capital under the Business Blasters Programme.
The Business Blasters Program would also be introduced at the college level, and the Delhi Government would support college students working on business ideas.
Students building startups while studying in Delhi government colleges will be able to seek 1-2 years of leave. A robust task force will oversee registration.
What type of help Delhi government will provide?
The Delhi government will help startups get collateral-free loans which will be interest-free for a year.
State Government will pay up to 50% of the rent of a startup’s office lease or pitch in for a portion of the salaries that these startups will pay to their employees.
The Delhi government will also reimburse them for the costs incurred on applying for patents, copyrights and trademarks.
The government will form a monitoring committee to oversee the startup policy. This committee will be headed by Delhi's Finance Minister.
The composition of this committee will be 85% representatives from the private sector, 10% from educational institutions and 5% from the government.
Delhi government will empanel CAs, lawyers, trade representatives and experts to aid startups for free, their service charges will be borne by the government.
The Delhi government will also offer collateral-free and interest-free loans to incentivise incubation centres and fabrication labs.
Key focus areas
According to the government, they include education and education technology; healthcare and health technology; tourism and hospitality; transportation & logistics; automotive; e-governance for business and citizen connect; artificial intelligence (AI); machine learning (ML); Internet of Things (IoT); Software-as-a-Service (SaaS); fintech; e-waste management; robotics & automation; green technology; bio-pharma & medical Devices; and IT & ITES.
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 "Idea behind Delhi government's new startup policy")
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