The central government introduced the structure of National Startup Advisory Council (NSAC) in a press release. The main purpose of the council is to provide nurturing environment for innovations and startups in the country including suggesting ways to startups to promote ease of access to capital, incentivise domestic capital for investments and to mobilise global capital for overseas investments. The council will provide advice to produce suitable environment for startups. It will help in sustainable economic development of the country and will also help in generating employment opportunities.
The council will also form various measures to generate innovative culture among citizens and students belonging to all sectors of economy.
The members of the council will be notified later, but it will be chaired by the Minister for Industry and Commerce. It will also include non-official members who will be nominated by the Central Government from various categories like founders of a successful start-ups. They will serve for a period of two years. The ex- officio members of the council will be nominated by the concerned department or organisations, who will not be below the rank of Joint Secretary to the government and Joint Secretary of the Department for Promotion of Industry and Internal Trade will be the convener of the said council.
Author- Aditi Dubey