New Delhi, Oct. 18 -- The Delhi Cabinet has approved the establishment of the Go-Delhi Foundation, backed by an initial budget of Rs.50 crore, to support "startups, innovation and entrepreneurship" in the national capital, the Delhi government said on Sunday.

The foundation, which will be established as a not-for-profit company under Section 8 of the Companies Act, 2013, and will function under the Delhi government's Department of Industries, will help entrepreneurs develop and test products, access investors and turn ideas into market-ready businesses.

Chief Minister Rekha Gupta said the foundation would help young people, researchers and entrepreneurs turn their ideas into practical products and successful businesses. "It is an import...