Delhi's draft Industrial Policy proposes financial incentives to promote AI, fintech
frontier tech services
, including AI and fintech, officials said on Monday.
Research and innovation as well as hospitality sector are also designated as focus areas in the draft policy on which comments have been invited from stakeholders by July 30.
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The draft focuses on investment in frontier tech services including Artificial Intelligence, Big Data, Banking, Financial Services and Insurance (BFSI), Gaming, Animation, Biotech, IT and iT enabled Services among others, with a view to generating employment opportunities.
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"Investor-friendly initiatives need to be introduced for fintech, AI, biotech, and research and development (R&D) sectors, encouraging leading global companies to set up headquarters in Delhi," the document said.
The scarcity of commercial office spaces has contributed to a notable reduction in the IT and ITeS sector's contribution to Delhi's economy, said the draft document.
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The government aims to augment the availability of expansive office spaces, ensuring dependable power and transportation infrastructure, and fostering robust research and development endeavours in innovative technologies, it said.
The key fiscal incentives proposed for attracting investments in the frontier tech sector include 50 per cent fixed capital investment reimbursement (including land) over a period of 5 years for businesses in the frontier tech sectors up to a maximum limit of Rs 50 crore per project, it said.
In addition, there will be a 6 per cent interest subsidy per annum for first five years, reimbursement of 100 per cent State GST for five years, 100 per cent reimbursement of patent filing up to Rs 5 lakh per patent and exemption of 50 per cent on wheeling charges and transmission charges, on interstate purchase of power.
The draft policy also proposes establishing a Rs 400 crore venture capital fund for industries.
It further suggests various greenfield interventions of the government to spurt frontier tech service , including setting up a 'Delhi Frontier Tech Services Cell'.
It also suggests development of plug and play IT parks through public private partnership, leverage Rozgar Bazaar of Delhi Skill and Entrepreneurship University, support intellectual property rights ecosystem with fast-track approvals on patents.
The government has earmarked industrial areas in Baprola, Ranikhera and Kanjhawala for development of frontier tech services sector.
The vision of the draft policy targets to foster a "future-ready, non-polluting industrial ecosystem in Delhi by promoting high value, innovation-driven sectors."
In the research and development (R&D) sector, the draft policy proposes expanding reach within academic and research institutions, Rs 10 lakh support in R&D, creating a portal to highlight existing R&D capacity, infra and available funds.
Setting up mini research and innovation clusters for tech upgrades, adoption of best practices and cross-fertilisation of ideas, collaboration between government and private sector for training and capacity building, new grants and remodelling old grants, were other interventions proposed in the draft policy.
According to the draft, Industries department will implement the policy and coordinate for disbursal of the incentives for various sectors. An 'inter-Departmental Committee' will serve as a recommendatory body to the Cabinet for sanction of incentives across various sectors.
Further, a high level 'Review and Monitoring Committee' will be constituted to monitor the implementation and progress of all the policy provisions regularly. This Committee will ensure the timely issue of enabling government orders by various departments concerning the Policy.
The subsidies will be sanctioned by the Commissioner of Industries, it said.
Further, the draft policy recommends holding Global Investor Summit and other events for promotion of the policy and industrial development in Delhi. PTI
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