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Context

• To turn Delhi into a preferred destination for startups by 2030, the State Cabinet approved the implementation of Delhi Startup Policy.

Aim

• The policy aims to provide an enabling ecosystem for an innovation-based economy to help the Capital become a global innovation hub.

Details

• The Delhi government will pay up to 50% of the rent of a startup’s office lease or contribute towards the salaries that these startups will pay to their employees.
• The Delhi government will reimburse the startups for the costs incurred on applying for patents, copyrights and trademarks.
• The government will offer collateral-free and interest-free loans to incentivise incubation centres and fabrication labs.
• Monitoring committee: The government will form a monitoring committee to oversee the startup 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 educational institutions and 5% from the government.
• A 20-member task force will also be set up to oversee the registration of startups. This task force will have a government official, academics, as well as business and trade representatives.
• Those who want to start a business often end up spending 90% of their time on paperwork and official formalities. The startup policy will help them overcome these hurdles by empanelling agencies and professionals to aid these startups for free.
• There will be panels of lawyers, experts, CAs and other such professionals who will provide their services to the startups. They will be paid by the Delhi government.
• The policy will also focus on teaching entrepreneurship to students in Classes IX-XII and giving them seed capital under the government’s existing Business Blasters Programme.
• The initiative will also be replicated at the college level. Students working on startups, while studying in Delhi government colleges, will be able to seek up to two years leave to work on their businesses.

Read: https://www.iasgyan.in/daily-current-affairs/start-up-in-india

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