Explained: What is the Delhi Startup Policy
The vision of the government is to enable Delhi to emerge as a Global Innovation Hub and the most preferred destination for Startups by 2030.
New Delhi, May 07: The Chief Minister of Delhi, Arvind Kejriwal announced this week that the Cabinet had passed the Delhi Startup Policy. He said that through this the capital would turn into an international startup hub.
The vision of the government is to enable Delhi to emerge as a Global Innovation Hub and the most preferred destination for Startups by 2030. This policy would enable an ecosystem for innovation-based economy and fostering entrepreneurial spirit through a robust support mechanism.
The government intends to encourage, facilitate and support 15,000 startups by 2030. Kejriwal told the media that entrepreneurship classes and Business Blasters Programme would be introduced at the college level and the Delhi government would support college students working on business ideas in every possible way.
Delhi government will help startups get collateral-free loans which will be interest-free for a year. Delhi government will empanel CAs, lawyers and experts to aid startups for free; their service charges will be borne by the government. We will ease our procurement norms to help startups, but we will not bargain with the quality of our products, Kejriwal also added.
He also said that students building startups while studying in Delhi government colleges will be able to see 1-2 years of leave. He further added that a robust force will oversee the registration of startups under this policy.
I hope that Delhi will be the home of unicorns and behemoth businesses that the world will look up to the Delhi CM also said.
He also said that a Startup Policy Monitoring Committee will set up to oversee the Delhi Startup Policy.
This would be headed by Finance Minister of the Delhi government and will comprise the Industries Minister and senior representatives of other state departments as members.
An officer would also be appointed to chair the Startup Task Force. This committee would comprise 5 per cent government representatives, 10 per cent educational institutions and 85 per cent people from the private sector.
"The main function of the committee would be to evaluate and approve the applications of recognized entrepreneurs, startups and incubators. The nodal agency will have a cell under the supervision of the Industries Department to implement the Startup Policy. It will have direct contact with startups and stakeholders," the Delhi government said.