Delhi Chief Minister Arvind Kejriwal on Saturday held a meeting with a panel of industry leaders and young entrepreneurs to kick-start the consultation process for Delhi’s new policy on start-ups. The Delhi government will soon launch an online forum to seek inputs from the general public seeking suggestions.
“The new start-up policy aims to accelerate the growth of start-ups in Delhi and transform the city to make Delhi as one of the top 5 global destinations for start-ups,” said Kejriwal.
“Right since my IIT days, I have seen some of the most brilliant minds from India go abroad looking for better opportunities. I believe Indians are the smartest entrepreneurs in the world and all they need is the right opportunity and the right conditions to help them thrive. With this start-up policy, we aim to make Delhi as one of the top five global destinations for start-ups,” he said.
The process of drafting the new policy will be conducted in two stages. First step includes consulting industry leaders, entrepreneurs, and policy experts from various sectors to provide inputs in drafting the new start-up policy.
The second step would include putting out the draft online for public to recommend changes and suggest new policy rules. It is expected to provide a new perspective to the policy.
Prominent names that expressed their interest are Ajay Chowdhry, co-founder, HCL, Rajan Anandan MD Sequoia Capital, Padmaja Ruparel, co-founder, Indian Angel Network, Sriharsha Majety, co-founder and CEO, Swiggy, Farid Ahsan, co-founder, ShareChat, Suchita Salwan, founder and CEO, Little Black Book, Tarun Bhalla, founder, Avishkaar and Riyaaz Amlani, CEO & MD, Impresario Handmade Restaurants.
"NCR is already the largest startup region in India and within NCR, Delhi has the greatest number of startups. The discussion was very good with many ideas on what will take Delhi's startup ecosystem to the next level," said Rajan Anandan, Managing Director, Sequoia Capital.
With over 7,000 budding firms, Delhi currently has the highest number of active start-ups in the country with the valuation of about $50 billion. Referring to a report from TiE from September 2019, Delhi-NCR is set to become one of the top five global start-up hubs with 12,000 start-ups, 30 unicorns, and a cumulative valuation of about $150 billion by 2025.
According to ‘The Global Startup Ecosystem Report 2020’ by Startup Genome Delhi ranks 36th with a growth index of 4. It is the only other Indian city to have made the list after Bangalore that ranks 26th.
Riyaaz Amlani, CEO & MD, Impresario Handmade Restaurants, said, “To battle the financial effects of COVID-19 timely measures provided by the Delhi government would mean that we can defeat the financial effects of COVID and come out even stronger.”
The nation is currently struggling with a low GDP which is predicted to hit a new low in the coming days. New start-up policy looks forward to fight the economic instability created by the pandemic of Covid-19.