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DAILY NEWS ANALYSIS

  • 20 April, 2021

  • 3 Min Read

National Startup Advisory Council

The Minister of Commerce & Industry chaired the first meeting of the National Startup Advisory Council (NSAC) recently.

About the National Startup Advisory Council (NSAC):

  • National Startup Advisory Council (NSAC) was constituted by the Department for Promotion of Industry and Internal Trade(DPIIT).
  • Its Purpose is to advise the Government on measures required to build a strong ecosystem for nurturing innovation and startups in the country.

Functions of NSAC:

  • To foster a culture of innovation amongst citizens and students, in particular. Further, it also promotes innovation in all sectors of the economy across the country.
  • To facilitate public organisations to assimilate innovation. This includes innovations in improving public service delivery, promote the creation, protection, and commercialization of intellectual property rights.
  • To make it easier to start, operate, grow and exit businesses. It aims to achieve this by reducing regulatory compliances and costs, promote ease of access to capital for startups.

Composition of the National Startup Advisory Council:

  • Chairman: Minister for Commerce & Industry.
  • Convener of the Council: Joint Secretary, Department for Promotion of Industry and Internal Trade.
  • Ex-officio Members: Nominees of the concerned Ministries/ Departments/ Organisations not below the rank of Joint Secretary.
  • Non-official members: They are nominated by the Government from various categories like:
    • Founders of successful startups
    • Veterans who have grown and scaled companies in India
    • Persons capable of representing the interests of investors into startups, etc.
  • The term of the non-official members will be for a period of two years or until further orders whichever is earlier.

Source: PIB


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