Delhi Chief Minister Arvind Kejriwal said Wednesday that the Delhi government was at an advanced stage of rolling out a startup policy, which would include collateral-free loans, a dedicated helpline to address concerns, and use of the government’s doorstep delivery of documents service.
Addressing the The IndUS Entrepreneurs (TiE) Global Summit through a webcast, Kejriwal said, “Startups will be able to use the Delhi government’s doorstep service, by dialling 1076, to call a CA or lawyer to help them incorporate a company from their home or office. Besides, we will also initiate reforms so that startups have a single-window for all interactions with government departments and that they have opportunities to showcase their innovations, through Hackathons and Startup Challenges, to investors in India and around the world,” he said.
“There are over 7,000 startups in Delhi, which makes it the city with the highest number of active startups in the country, with an estimated valuation of about $50 billion,” he said, quoting a 2019 report by TiE, a startup support group.
“The report states that Delhi-NCR is set to become one of the top five global startup hubs with 12,000 startups and 30 unicorns. Their cumulative valuation will be about $150 billion by 2025. Of course, it is not a given and that is why the Delhi government is committed to taking all necessary actions to ensure Delhi becomes a preferred destination for startups globally,” he said.
In August this year, Kejriwal had met industry leaders, entrepreneurs and policy experts to give suggestions on the policy.
“…Delhi’s economy also has been badly hit due to the pandemic. Many businesses are struggling to stay afloat…While all businesses are struggling, I can understand that startups must be facing an even tougher time. The Delhi government is committed to ensuring that we bounce back strongly from the impact of Covid. We want to create all the necessary conditions for businesses, and especially, startups to flourish,” Kejriwal said.
Hit by Covid
Delhi’s economy, which is dependent largely on the service sector, has been severely hit by the Covid pandemic. According to sources, the city’s tax collection is still less than the national average. The CM said Wednesday that the government was committed to bounce back strongly from the impact of Covid.
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