Focus: GS II- Governance
Why in news?
The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles chaired the 4th meeting of National Startup Advisory Council (NSAC) in New Delhi.
About National Startup Advisory Council(NSAC):
- It was constituted by the Department for Promotion of Industry and Internal Trade (DPIIT).
- Objective: This is to advise the Government on measures needed to build a strong startup ecosystem.
Composition of the Council
- Chairman: Minister for Commerce & Industry.
- Convener of the Council: Joint Secretary, Department for Promotion of Industry and Internal Trade.
- Ex-officio Members: Nominees of the concerned Ministries/Departments/Organisations not below the rank of Joint Secretary.
- Non-official members, to be nominated by the Central Government, from various categories like founders of successful startups, veterans who have grown and scaled companies in India, persons capable of representing the interests of investors into startups, etc. The term of the non-official members will be for a period of two years.
Roles and functions:
- Suggest measures to foster a culture of innovation amongst citizens and students in particular, promote innovation in all sectors of economy across the country.
- Suggest measures to facilitate public organizations to assimilate innovation with a view to improving public service delivery, promote creation, protection and commercialization of intellectual property rights.
- Suggest making it easier to start, operate, grow and exit businesses by reducing regulatory compliances and costs, promote ease of access to capital for startups, and incentivize domestic capital for investments into startups.
- Mobilize global capital for investments in Indian startups, keep control of startups with original promoters and provide access to global markets for Indian startups.