Draft industrial policy bets on tech, hospitality for Delhi's growth over next decade
The draft, published by the Department of Industries, aims to foster a 'future-ready, non-polluting industrial ecosystem in Delhi by promoting high-value, innovation-driven sectors'. It talks about harnessing the city's 'large and educated workforce' to create quality job opportunities and ensure an 'inclusive and sustainable economic growth'.
Financial incentives
The department has earmarked industrial areas in Baprola, Ranikhera, and Kanjhawala for the technology services sector. To attract investment, the government plans to offer several incentives, which include reimbursing 50% of the fixed capital investment (including land) over five years, up to a maximum of ₹50 crore per project. It also plans to establish a ₹400-crore venture capital fund for industries.
Chief Minister Rekha Gupta had spoken in her budget speech in March about the need for a new industrial policy 'to renew investor confidence and promote the ease of doing business in Delhi'. Since then, the Delhi government has launched several initiatives to boost financial development, including exempting certain businesses from obtaining a police no-objection certificate to operate, transferring licensing power to local bodies and announcing a global investors' summit.
The policy states that the manufacturing sector now has a 'marginal role' in contributing to Delhi's economy and that the government's focus would be on sectors like artificial intelligence (AI), big data, and banking, financial services and insurance (BFSI), which are non-polluting, non-water intensive and capable of attracting investments nationally and globally.
Based on the 2011 census, the document highlights Delhi's high literacy rate (86.2%), number of people in the 15-59 age group (10 lakh), and presence of some of the country's most prestigious institutions as strengths to help the city become a leading business destination.
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