Ministry Of Commerce has officially announced the establishment of the National Startup Advisory Council. The council will provide representations to the Indian Startup Ecosystem during policy-making rules.
Role And Benefits Of NSAC (National Startup Advisory Council)
- The prime role of NSAC is to advise the Government on efforts needed to build a strong ecosystem for promoting innovation and growth of startups in India.
- The Council will propose measures to enable a culture of innovation amongst Indian people (students in particular)
- To promote innovation in all sectors of the economy across the country, including semi-urban and rural areas
- Incubation and research assistance to support creative and innovative ideas and transform them into valuable products
- Provide solutions to improve productivity and efficiency and create an environment of absorption of innovation in the industry.
- It will also suggest measures to facilitate public organizations to assimilate innovation to improve public service delivery, promote the creation, protection, and commercialization of intellectual property rights,
- To make it easier for businesses to start, operate, grow and exit by reducing regulatory compliances and costs
- To promote ease of access to capital for startups
Members of National Startup Advisory Council
- The National Startup Advisory Council will be chaired by Minister for Commerce & Industry, presently Piyush Goyal
- The members of National Startup Advisory Council will consist of the non-official members
- The non-official members will be nominated by the Central Government
- Non-official members will be chosen from various sectors like
- Founders of successful startups
- Veterans who have grown and scaled companies in India
- Individuals competent of exemplifying attention of investors into startups
- The working term of the non-official members of the National Startup Advisory Council will be for two years
For more info about the Indian Startup Ecosystem read our articles.