Role and Benefits of National Startup Advisory Council (NSAC)
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.