The Government of India has created “National Startup Advisory Council“. The council is being set up to advise the central government to create a strong ecosystem to nurture innovation and start-ups in India.
Chairman and the composition of the National Startup Advisory Council?
The Commerce Minister will be the chairman of the National Startup Advisory Council. The council will also constitute the non-official members to be nominated by the Government of India. The non-official members will include the founders of successful start-ups, veterans who have grown and expanded their companies in India and the individuals who are capable of representing interests of investors into start-ups. The tenure of the non-official members will be for a period of two years.
The nominees of the related ministries, departments and organisations, not below the rank of joint secretary will be ex-officio members of the National Startup Advisory Council.
Objectives of setting up the National Startup Advisory Council:
- The Council aims to boost the culture of innovation among the students.
- It will recommend measures to facilitate public organisations to embrace innovation, promote creation, protection and commercialization of intellectual property rights, making it easier to begin, operate, grow and exit businesses by narrowing the regulatory compliances and costs.
- It will also give its inputs in enhancing the ease of access to capital for start-ups, mobilise global capital for investments, incentivise domestic capital for investments, and keep control of the start-ups with original promoters.
Important takeaways for all competitive exams:
- Union Minister of Commerce and Industry: Piyush Goyal.