Delhi government would be coming out with a comprehensive policy for startups to provide financial support to young and upcoming entrepreneurs, give sustainable infrastructure to scale businesses and access to investors.
After consulting all stakeholders, including angel investors, entrepreneurs, industry bodies, experts and top bureaucrats, Delhi government has finalised the startup policy, which will soon be tabled before the cabinet.
According to the Economic Survey 2021-22, over 5,000 recognised startups were added in Delhi between April 2019 and December 2021, while 4,514 were added in Bengaluru. Interestingly, this was the time when Covid spread across the country and Delhi faced the brunt. It was around the same time that Dialogue and Development Commission (DDC) held consultations with stakeholders, studied the policies of popular global destinations for startups, including Singapore, Tokyo, London and New York, and finalised the startup policy.
A senior Delhi government official said the new startup policy was prepared by DDC and likely to be notified within two months. “We have become the startup capital and the next milestone to achieve is to reach the prestigious global hub. We hope to place the policy before the cabinet soon. After accommodating the views and suggestions of the council of ministers, it will be notified. Our target is to be among the top three global destinations for startups in the next 10 years,” added the official.
Though the industries department had prepared a startup policy in 2019, the new policy, sources said, was prepared from scratch and with active involvement of a multitude of stakeholders.
Budding entrepreneurs won’t have to worry about the initial capital to set up their businesses. The government would provide soft loans at low interest rates and other incentives to help them offload the cost of operations to some extent. The government would also connect them with investors to help them raise funds.
“Those who pass out from top universities have the network and connections. For others, accessing mentors on how to scale up their businesses can be a challenge. We have consulted people who can help such businesses,” said the official.
While identifying markets and setting up a regular sales network could be a task for startups, another official said the government would help young entrepreneurs by buying their products. “We will promote these businesses through government procurement. Without diluting the quality requirements, we will offer these startups the opportunity to sell their products to us,” added the official.
Setting up incubators, co-working spaces and fabrication labs were other infrastructure that would be developed by the government.
The new policy would also give an educational push to university students to upskill themselves to set up businesses. Officials said a survey done in Delhi-based technical institutes and universities revealed that only 5% of students were keen on taking a plunge in the startup bandwagon.
Delhi government would also give a push to startups dealing with green and renewable technologies.
Credit: Source link
