Topics Covered: Statutory, regulatory and various quasi-judicial bodies.
National Startup Advisory Council
What to study?
For Prelims and Mains: NSAC- objectives, composition and functions.
Context: The Union Government has notified the structure of the National Startup Advisory Council to advice on measures needed to build a strong ecosystem for nurturing innovation and startups in the country.
The Council will be chaired by Minster for Commerce & Industry.
- It will consist of the non-official members, to be nominated by Central Government, from various categories like founders of successful startups, veterans and persons capable of representing 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.
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.
Sources: the Hindu.