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Post at: Jul 16 2022

DELHI STARTUP POLICY

Why in news?

  • May 2022, Delhi government has launched the Start Up policy  to create a new opportunity for startups and the youth of Delhi.
  • It’s a great opportunity for college-going students who have some vision of starting their own business.

Background 

  • Today, 30 of the 36 States and Union Territories have a dedicated Startup Policy.
  • 26 of these Startup Policies were developed after the launch of the Startup India initiative in 2016.
  • "Business Blaster" programme, currently being run in Delhi government schools,will be extended to college students so they could work on their business ideas with seed money from the government.

Delhi as a startup hub:

  • Delhi, in 2022, overtook Bengaluru to become the startup capital of India.
  • According to Economic Survey 2021-22, over 5,000 recognised startups were added in Delhi between April 2019 and December 2021.

Key Points: Delhi Startup Policy

  • The Governing Committee-Delhi government will form a monitoring committee to oversee the 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 the educational institutions and 5% from the government.
  • Start-up task force-A 20-members Start-up task force will also be set up to oversee the registration of start-ups. 
  • This task force will have a government official, academics, as well as business and trade representatives.
  • A nodal agency-A nodal agency will be set up to have a cell under the supervision of the Industries Department to implement the Policy.
  • It will have direct contact with the start-ups and stakeholders. The main function of the committees will be evaluate and approve the applications of recognized entrepreneurs, start-ups and incubators.
  • Free of Cost Services-The Delhi Government will onboard a panel of lawyers, experts, CAs and other such professionals who will provide free of cost services to the start-ups.
  • Such experts will also help start-ups in marketing, developing social media, gathering investments, filing taxation, etc. 

Fiscal Incentives-

a.    Reimbursement on lease rentals up to 50% or Rs 5 lakh per annum.
b.    Reimbursement grants for filing patent up to Rs 1 lakh per annum (Indian) and up to Rs 3 lakh per annum (international).
c.    Reimbursement for exhibition stall/rental cost of up to 100% for women/ underprivileged/ differently abled persons and up to 50% for others or Rs 5 lakh per annum.
d.    Monthly allowance towards operational/ employee cost of up to Rs 30,000 per month for one year.
e.    Financial grants towards capital and operational expenditures in the establishment.
f.    Financial support for procurement of key software up to 50% of the total cost.

Focus areas under new policy

Conclusion

  • In year 2020 Delhi government had showed the Delhi Skill and Entrepreneurship University to the country.In the line to boost the startup mindset in the students the government has launched the startup policy.Clear implication always brings the best results.With the better tieup of government and academics this policy can come with a fruitfull objective as well.


 


 


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