Topics Covered: Statutory, regulatory and various quasi-judicial bodies.
National Startup Advisory Council:
The first meeting of the National Startup Advisory Council (NSAC) was held recently.
What is the NSAC?
- Constituted by the ‘Department for Promotion of Industry and Internal Trade (DPIIT).
- Its role is 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.
Functions of NSAC:
- Suggest measures to foster a culture of innovation amongst citizens and students.
- Promote innovation in all sectors of economy across the country, including semi-urban and rural areas.
- Support creative and innovative ideas through incubation and research and development to transform them into valuable products.
Structure of NSAC:
- The National Startup Advisory Council will be chaired by the Minster for Commerce & Industry.
- The Council will consist of the non-official members, to be nominated by the Central Government.
- 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.