Why in news?
The Central Government has notified the structure of the National Startup Advisory Council to advise the Government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities.
What will its composition?
The Council will be chaired by Minister for Commerce & Industry.
• It will consist of the non-official members, to be nominated by the Central Government, from various categories like founders of successful startups, veterans and persons capable of representing the interests of incubators and accelerators etc.
• The term of the non-official members of the Startup Advisory Council will be for a period of two years.
• The nominees of the concerned Ministries/Departments/Organisations, not below the rank of Joint Secretary to the Government of India, will be ex-officio members of the Council.
• Joint Secretary, Department for Promotion of Industry and Internal Trade will be the Convener of the Council.
What will be its roles and functions?
1. Suggest measures to foster a culture of innovation amongst citizens and students in particular, promote innovation in all sectors of the economy across the country.
2. 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.
3. 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.
4. Mobilize global capital for investments in Indian startups, keep control of startups with original promoters and provide access to global markets for Indian startups.