Delhi government rolls out incentives targeted at making national capital a startup hub
- ByStartupStory | May 6, 2022
The cabinet of Delhi government on Thursday(5th May) approved a policy aimed at making the national capital territory a global startup hub by offering a host of incentives to entrepreneurship, Delhi Chief Minister Arvind Kejriwal said in a statement.
According to the statement, the incentives offered would include collateral-free loans, which will be interest-free for one year, free service of chartered accountants(CA) and experts, and reimbursement of certain costs, according to the statement.
“I hope that Delhi will soon be the home of unicorns and behemoth businesses that the world will look up to,” the statement noted, quoting the Delhi CM. The state will also be introducing entrepreneurship classes and its ‘business blasters programme’ that was tried prior in schools at the college level too.
The idea of the policy is aimed at making Delhi the most preferred destination for startups by the year 2030. The fiscal incentives offered under the scheme include reimbursement of lease rentals of 50 percent up to INR 5 lakh a year and reimbursement for exhibition stall/rental cost of 100% for women, underprivileged and differently-abled persons and 50 percent for others up to ₹5 lakh once a year.
Under the scheme an allowance towards operational or employee cost of INR 30,000 a month for one year is also offered. Financial support for procurement of key software up to 50% and reimbursement on internet charges of 50% up to a maximum of INR 2.5 lakh a year for 3 years are also offered under the scheme. The statement added that several non-fiscal incentives like facilitating linkages between the startup and industry associations and relaxed government procurements process for startups will also be offered under the scheme.
Kejriwal said in the statement that the country’s future lies in the hands of its youth. “Today, our children run from pillar to post to apply for jobs. On the contrary, the Delhi Govt is eradicating this problem by promoting an environment conducive for businesses,” the CM said.
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