Reconstitution of the National Startup Advisory Council
Context:
The National Startup Advisory Council (NSAC) has been reconstituted following the conclusion of its two-year term.
Relevance:
GS-03 (Economy)
Main Highlights:
- After the completion of the tenure of the National Startup Advisory Council (NSAC), the Central Government has nominated non-official members to the Council.
- Many of these members have played crucial roles in advancing initiatives under the Startup India program, including projects like NavIC Grand Challenge, Startup India Investor Connect Portal, MAARG Portal, National Incubator Capacity Building Program, and Doordarshan’s Startup Champions.
About the National Startup Advisory Council:
- The Council serves as an advisory body to the government, offering insights into the necessary measures for fostering a robust ecosystem to nurture innovation and startups in the country.
- Its goal is to drive sustainable economic growth and generate substantial employment opportunities.
Activities of the Council:
- Propose measures to cultivate an innovation culture, particularly among citizens and students.
- Encourage innovation across all sectors, including semi-urban and rural areas.
- Support innovative ideas through incubation and research and development.
- Create an environment for the adoption of innovation in the industry.
- Suggest measures for public organizations to assimilate innovation for improved public service delivery.
- Promote the creation, protection, and commercialization of intellectual property rights.
- Facilitate easier startup operations, growth, and exit by reducing regulatory compliances and costs.
- Promote access to capital for startups, both domestically and globally.
- Ensure original promoters maintain control of startups.
- Provide access to global markets for Indian startups.
Members of the Council:
- Chaired by the Minister for Commerce & Industry.
- Consists of non-official members nominated by the Central Government, representing various categories such as successful startup founders, veterans who have scaled companies in India, individuals representing investor interests, incubators, accelerators, and industry associations.
- The term of non-official members is two years.
- Ex-officio members include nominees from concerned Ministries/Departments/Organizations, not below the rank of Joint Secretary to the Government of India.
- The Convener of the Council is the Joint Secretary, Department for Promotion of Industry and Internal Trade.
