Delhi Startup Policy: An Opportunity for Students
Delhi Government has launched Delhi Startup 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.
Objective: Delhi Startup Policy
Linked to the Delhi Budget 2022-23, the Delhi Startup Policy is focused on
- Generating 2 Million jobs by 2027 through various interventions and business promotion.
- To encourage, facilitate and support 15000 startups by 2030 and generate new avenues of employment.
- To create business leaders and entrepreneurs from among the youth and make Delhi the startup destination of the world.
- To create the ecosystem for an innovation-based economy and foster entrepreneurial spirit through free consultancy.
Key Points: Delhi Startup Policy
Expert Professionals/Agencies Support
There will be panels of lawyers, experts, CAs, and other such professionals who will provide free of cost services to the startups and all of them will be paid for by the Delhi government.
Startup Task Force
He announces a 20-member task force, comprising government officials and experts from business and trade that will help startups with registration and other activities.
It will form a panel of agencies and experts to provide free help to new start-ups in trademark registration and fulfilling other formalities.
Official formalities for startups will be kept to a minimum and handled by impaneling agencies and professionals to aid these startups for free.
Fees for processes such as copyright could be refunded. We will further reimburse their patent, copyright, and trademark costs and help them with internet bills and other overheads.
The experts’ team will help startups in marketing, developing their social media, taking their services to the market, investor approach, taxation, filing, loan work, and the like.
Leave for Student for Startup
The Delhi government will also offer leave to students of Delhi government-run institutes. If any student in a Delhi government institute develops a product or a startup they want to focus on, he can take two years’ leave to work on it. The student can develop their business and return to get their degree.
50% Salary Paid by Government
The Delhi government will help the young entrepreneurs, who have started their business, with 50% of the rental cost of a startup office. Delhi Govt can give a portion of the salaries to be paid by their firm.
The government also decided to introduce entrepreneurship classes and the “business blasters” program in colleges after the successful roll-out of these programs in schools.
Delhi’s Business Blaster program, the Delhi Govt’s entrepreneurial scheme which was so far available for students of Delhi’s schools, will be extended to Delhi colleges.
Finance Support for Incubation Centers
The Delhi government will also provide financial support to those who set up incubation centers in the national capital.
The government will provide financial help to start-ups through collateral-free loans, and interest-free loans, and incentivize incubation centers and fabrication labs, financial parts of rent, and employee salaries.
- Up to 50% rent of office lease
- A portion of employee salaries initially
- To reimburse patent, copyright, and trademark costs
- Collateral and interest-free loans
- Facilitate easy access to funding
- Free consultation from panels of lawyers, experts
- Procure products and services from Delhi’s Startups
- Leaves for students from govt run institutes if they want to focus on startups
- Foster innovative ideas among youth and facilitate proactive industry engagement.
- Education, education technology, healthcare, tourism and hospitality, transportation & logistics.
- e-governance, artificial intelligence, internet of things, software-as-a-service, fintech, e-waste management, robotics & automation, green technology
- Introduce entrepreneurship classes and business blasters program at the college level to support entrepreneurship among students
- Startup policy monitoring committee, startup task force, and nodal agency to ensure proper implementation
According To The Statement From Delhi Government:
- The fiscal incentives for startups include reimbursement on lease rentals – 50% or up to ₹5 lakh per annum.
- Reimbursement grants for filing patents up to ₹1 lakh per annum (Indian) and up to ₹3 lakh per annum (international).
- Reimbursement for exhibition stall/rental cost — 100% for women/ underprivileged/ differently-abled persons and 50% for others up to ₹5 lakh per annum.
- 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.