The Delhi Cabinet on Thursday approved a start-up policy that seeks to provide youth with financial assistance provided by the government in setting up companies to make Delhi the startup destination of the world.
Delhi Chief Minister Arvind Kejriwal announced, "The Delhi cabinet has passed the 'Delhi Startup Policy' which will also help Delhi youth run a business in Delhi with the help of financial assistance provided by the government."
"Creating entrepreneurs and business leaders out of our youth is a subject very close to my heart. Our youth has tremendous potential. Given the right opportunities, they can compete with anyone in the world. Not just India, we will see Delhi become the startup destination of the world," added the Delhi CM.
Addressing a press conference, Kejriwal said the government will subsidise basic amenities such as internet and office space rent. "The startups will also be helped to pay their staff if need be, along with providing them with a credit line to help them avail of collateral-free loans with the first year being interest-free. It will form a panel of agencies and experts to provide free help to new start-ups in trademark registration and fulfilling other formalities," said Kejriwal.
He said that Delhi Startup Policy is hiring agencies and professionals to help startups free of cost. These professionals, including the likes of lawyers and chartered accountants (CAs), will help startup founders with trading legal proceedings such as trademark registration, GST filing, and so on.
Kejriwal said that the Business Blaster program, currently being run in Delhi government schools, will be extended to college students so they could work on their business ideas. "In Delhi's schools, from 9th to 12th, we have launched the 'Business Blasters' campaign, under which participants are given small seed capital to create a business," he said.
According to Kejriwal, students of state-run institutes can take off for 1-2 years to focus on a business.
"The 20-member task force, having a government officer, academics and business and trade representatives, will decide on registration applications from start-ups," Kejriwal said.
Speaking of unicorns in Delhi, Kejriwal said, "I hope the youth of Delhi will create unicorns of their own. I expect to see a boom in startups over the coming years."
( With inputs from ANI )
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