Delhi Startup Policy

Recently, the Chief Minister of Delhi launched the ‘Delhi Startup Policy’.

What is the aim of the ‘Delhi Startup Policy’?

To promote entrepreneurship in Delhi by creating an enabling ecosystem for people to launch startups. The government wants to make Delhi the “startup destination of the world”.

How many startups will be supported?

The government aims to encourage, facilitate, and support 15,000 startups by 2030.

How will the Delhi government promote entrepreneurship?

• The government will provide financial assistance to build a successful business.
• The government will form a task force consisting of 20 members which will assist budding entrepreneurs in setting up their businesses and also decide on registration applications from startups.
• The task force will have chartered accountants, lawyers, government officers, academics, and trade representatives.

What are the key focus areas under the startup policy?

The key focus areas are education; healthcare; tourism and hospitality; transportation & logistics; automotive; e-governance; 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; & Information Technology (IT).

How will the government provide financial assistance?

The government will provide financial assistance to startups through collateral-free loans, financial parts of rent, and employee salaries. For example, the government will pay up to 50% of the rental cost of a startup office.

What are non-fiscal incentives?

• Facilitating strong linkages between the startup and industry association.
• Facilitating participation of companies for subsidized subscriptions of technology offerings.
• Organising fundraising events.
• Relaxing government procurements process for startups.
• Providing access to government data to drive e-governance pilot projects.

How will the government encourage entrepreneurship in colleges?

The government decided to introduce entrepreneurship classes and the “business blasters” program in colleges. The Delhi government will also offer 1-2 years of leave to students of Delhi government-run institutes to develop their businesses and return to get their degree.

Who will oversee the Delhi Startup Policy?

A Startup Policy Monitoring Committee which will be headed by Delhi’s Finance Minister will oversee the Delhi Startup Policy. The committee will also consist of the Industries Minister of Delhi and senior representatives of other state departments as members.

Month: Current Affairs - May, 2022

Category: India Nation & States Current Affairs