From financing up to 50 percent of office lease space to training school students in entrepreneurship under the Business Blaster program, Delhi’s Start-Up Policy opens up newer avenues of scope and opportunities. With a vision to transform Delhi into the choicest destination for start-ups by 2030, the Delhi Cabinet sanctioned the implementation of the Start-Up Policy on Thursday. The policy intends to enable the innovation-based economy of the capital city to evolve as a global innovation hub.
Delhi Chief Minister Arvind Kejriwal on Thursday announced the state government’s plan to provide fiscal and non-fiscal incentives to start-ups. He remarked that the Delhi Government will pay up to 50 per cent rent of office lease space or pitch in for a portion of salaries for the employees of these start-ups. He further emphasized that the state government will reimburse expenses for applying for patents, copyrights and trademarks, besides providing collateral-free and interest-free loans to incentivize incubation and fabrication labs.
As per reports, the government will structure 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.
A 20-member task force will also be set up to oversee the registration of startups. This task force will have a government official, academics, as well as business and trade representatives. The policy aims to train youth by teaching entrepreneurship to standard IX-XII students and giving them seed capital under the Business Blasters Programme. In a bid to make the students’ lives easier while working in a start-up, besides studying in a government college, one can seek up to two years of leave while building their business.
“Be it the education system, the employment system, or the political system, they’ve all hindered the growth of our country. Today, our children run from pillar to post to apply for jobs. On the contrary, the Delhi government is promoting an environment that is conducive for businesses,” Mr. Keriwal said.