National Startup Advisory Council’s 4th meeting, chaired by Piyush Goyal

Shri Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, presided over the National Startup Advisory Council’s (NSAC) 4th meeting in New Delhi. The Minister told the audience that the government would continue to promote the development of the startup ecosystem. He praised NSAC members’ efforts and encouraged them to concentrate on tier 2 and tier 3 locations, where VC financing is scarce.

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KEY POINTS:

• Piyush Goyal underlined the importance of creating capacity and raising knowledge about the government’s various programmes to foster startups in such cities.
• Members of the council have also been touring states and speaking with entrepreneurs and students at educational institutions in order to better understand and stimulate the startup ecosystem.
• The Council discussed critical aspects of the startup ecosystem, such as protecting original promoter ownership, incorporating in India, listing in India, and building innovation centres.
• Members also discussed progress on programmes such as the National Mentorship Program, Investor-Startup Matchmaking Portal, and Incubator Capacity Development Program, which had been discussed at previous NSAC sessions.
• The Minister also announced the introduction of the NavIC Grand Challenge, which aims to promote the use of NavIC as a Geo-positioning solution and a significant proponent of digital Aatmanirbharta.
• The grand challenge is now accepting submissions on Startup India’s website, with the goal of identifying and supporting entrepreneurs working on NavIC-enabled drones.

Important Takeaways For All Competitive Exams:

• Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles: Shri Piyush Goyal

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