Reconstitution of National Startup Advisory Council

  • Upon completion of two terms of the NSAC.
  • Nominated by the Central Government.
  • Nominated non-official members on the Council.
  • Majority of members have mentored various programs including NavIC Grand Challenge, Startup India Investor Connect Portal, MAARG Portal, National Incubator Capacity Building Program, and Doordarshan’s Startup Champions.
  • The 8th meeting of the NSAC is scheduled to be held under the chairmanship of Union Minister of Commerce and Industry, Shri Piyush Goyal on 19th December 2023 in New Delhi.

Criteria Included:

  • Founders of successful startups.
  • Veterans who have scaled companies in India.
  • Persons capable of representing the interest of investors in startups.
  • Persons capable of representing the interests of incubators and accelerators.
  • Representatives of associations of stakeholders of startups.
  • Representatives of industry associations.

About NSAC:

  • Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry constituted the ‘National Startup Advisory Council’ vide Notification No.5 (24)/2019-Startup India dated 21st January 2020.
  • To advise the Government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country.
  • To drive sustainable economic growth and generate large scale employment opportunities.
  • The term of the non-official members shall be for two years or until further orders, whichever is earlier.

Agenda of the Council:

  • Foster a culture of innovation amongst citizens and students in particular.
  • Promote innovation in all sectors of the economy across the country, including semi-urban and rural areas.
  • Support creative and innovative ideas through incubation and research and development to transform them into valuable products, processes or solutions.
  • Create an environment of absorption of innovation in the industry.
  • Facilitate public organizations to assimilate innovation to improve public service delivery.
  • Promote creation, protection and commercialization of intellectual property rights.
  • Make it easier to start, operate, grow and exit businesses by reducing regulatory compliances and costs.
  • Promote ease of access to capital for startups.
  • Incentivize domestic capital for investments into startups.
  • Mobilize global capital for investments in Indian startups.
  • Keep control of startups with original promoters.
  • Provide access to global markets for Indian startups.
Posted in Current Affairs.