Context
Delhi Cabinet has passed an ambitious Delhi Startup Policy which it hopes would turn the capital into an international startup hub.
What is Delhi Startup Policy?
- Delhi Startup Policy Aims to enable Delhi to emerge as a Global Innovation Hub and the most preferred destination for Startups by 2030 by creating an enabling ecosystem for an innovation-based economy and fostering entrepreneurial spirit through a robust support mechanism.
- For this, the government intends to encourage, facilitate and support 15,000 startups by 2030.
- It includes education and education technology, healthcare, tourism and hospitality, transportation & logistics, automotive,e-governance, artificial intelligence (AI),machine learning (ML), Internet of Things (IoT), e-waste management,robotics & automation,green technology among others.
Key-Features of the Policy
- Business Blasters Program: Delhi Government would introduce entrepreneurship classes and a Business Blasters Program at the college level.
- This would support college students working on business ideas in every possible way.
- Leave for Business: Students working on startups while studying in Delhi government colleges will be able to seek up to two years’ leave to work on their businesses.
- Startup Policy Monitoring Committee: It will be formed to oversee the Delhi Startup Policy.
- It will be headed by the Finance Minister of the Delhi Government.
- Startup Task Force: The committee will consist of 5% government representatives, 10% from educational institutions and 85% 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.
- Fiscal Incentives-
- Reimbursement on lease rentals
- Reimbursement grants for filing patents, Reimbursement for exhibition stall/rental cost
- Monthly allowance towards operational/ employee cost of up to ?30,000 per month for one year
- Financial grants towards capital and operational expenditures in the establishment
- Financial support for procurement of key software up to 50% of the total cost.
- Non-Fiscal Incentives-
- Best advice free of cost from a panel of experts
- Facilitating participation of companies for subsidized subscriptions of technology offerings
- Organizing fundraising events
- Relaxing government procurements process for startups
- Access to government data to drive e-governance pilot projects
