Delhi is set to become a startup hub with the newly announced ‘Delhi Startup Policy’ by Chief Minister Arvind Kejriwal. As India’s capital, starting a business in Delhi can be a good idea as it provides advantages in terms of infrastructure and the importance of this place.
According to the Economic Survey of 2021-22, more than 5000 startups were recognized in Delhi from April 2019 to December 2021. This figure was 4514 in Bengaluru. This made Delhi the startup capital of India, leaving behind Bengaluru.
With the Delhi Startup Policy, all those individuals planning to have their startup will get assistance both financially and non-financially. It will help the government generate two million employment opportunities by 2027 per Delhi Budget 2022-23.
Let’s know in detail about Delhi Startup Policy:
Delhi Startup Policy, as its name suggests, is an initiative by the Delhi government to facilitate startups in the capital. Through this, it wants to create entrepreneurs and business leaders among the youth of Delhi.
It has been framed with a vision of making Delhi a Global Innovation Hub and the most preferred location for startups by 2030. This will be done by creating an ecosystem for an innovation-based economy and fostering entrepreneurial spirit through a robust support mechanism. Therefore, the government aims to facilitate and support 15000 startups by 2030.
Under this policy, entrepreneurship will be taught in schools from classes 9 to 12 and in colleges under the Business Blaster Program. Those college students who wish to start their own business will also be allowed to take one to two years’ leave to work on their business idea.
How will the Delhi Startup Policy be implemented?
A Monitoring Committee will be set up to implement and govern this policy. It will have 85% members from the private sector, 10% from educational institutions, and 5% from the government. It will be headed by the Finance Minister of Delhi and oversee the Delhi Startup Policy.
A panel containing lawyers, Chartered Accountants, and trade representatives will be formed to assist the budding entrepreneurs. They will not charge any fee from the beneficiaries. The Delhi government will incur all the costs.
To smooth the process of startup registration, a task force consisting of 20 members will also be set up.
What are the focus areas under Delhi Startup Policy?
- Artificial Intelligence and Robotics
- Automation and Technical Innovation
- Cyber Security
- Big data education
- Solid Waste management
- Urban infrastructure planning and environment
- Renewable energy and clean technology
- Industrial revolution 4.0 technologies
- Creative ideas in the fields of agriculture, e-commerce, healthcare, logistics and transportation, rural innovation, and e-governance
What are the benefits of the Delhi Startup Policy?
- Startups will get collateral-free loans that will charge no interest for a year.
- Free assistance in developing business ideas by an expert panel containing Chartered Accountants, Lawyers, and Trade representatives
- 50% rent of a startup office lease or a portion of salaries to be paid to the startup employees by the State Government
- Reimbursement of costs incurred on patents, copyrights, and trademarks
- Relaxation in the government procurements process
- Access to Government data for e-governance pilot projects
- Fundraising events