The Delhi government has approved the Start-Up and Incubation policy, earmarking more than 400 crore rupees in funds to be invested over five years for innovation and self-employment.

Delhi Chief Minister Rekha Gupta said the policy will cover 11 state universities, 13 government-aided colleges, ITIs and polytechnic institutions of the government. Students of Delhi government schools can avail themselves of the policy’s benefits at these institutions.

In a statement, the Delhi Chief Minister’s Office (CMO) said successful students will be provided with financial assistance.

A panel, the State Incubation Policy Monitoring Committee (SIPMC), will be set up to oversee implementation of the policy.

The committee will include representatives from the government, educational institutions, industry and the start-up ecosystem.

Under the policy approved by the Delhi Cabinet, the government will also organise an annual ‘Delhi Start-up Youth Festival’, which will bring young innovators, educational institutions, start-ups, investors, industry representatives and policymakers to a common platform.

The Chief Minister said the policy is designed to develop Delhi into one of the country’s leading hubs for innovation and entrepreneurship while ensuring that young people receive support to turn their ideas into successful start-ups.