Reconstitution of National Start-up Advisory Council

  • December 20, 2023
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Reconstitution of National Start-up Advisory Council

Subject :Economy

Section: National Income

  1. The National Start-up Advisory Council (NSAC) has been reconstituted by the Indian government.
  2. 31 non-official members have been nominated for the NSAC, representing various stakeholders in the startup ecosystem.
  3. Non-official members include founders of successful start-ups, veterans with experience in scaling companies, individuals representing the interests of startup investors, and representatives from associations.
  4. Notable individuals nominated include Abhiraj Singh Bhal from Urban Company and Kunal Bahl from Snapdeal.
  5. The term of non-official members is typically two years. The reconstitution follows the completion of the initial term.
  6. The NSAC serves as an advisory body to the government, providing guidance on measures to strengthen the innovation and startup ecosystem in India.
  7. The Department for Promotion of Industry and Internal Trade (DPIIT) had originally constituted the council in January 2020.
  8. The council suggests measures to foster a culture of innovation, particularly among citizens and students. It also aims to promote innovation across all sectors of the economy, including semi-urban and rural areas.
  9. The eighth meeting of the NSAC is scheduled to take place under the chairmanship of the Commerce and Industry Minister on December 19.
  10. The council meets regularly to discuss and recommend initiatives that contribute to the growth and development of the startup ecosystem in the country.
  11. Presidents of industry chambers like CII (Confederation of Indian Industry) are also part of the NSAC, providing a holistic perspective.
  12. One of the council’s objectives is to promote innovation not only in urban areas but also in semi-urban and rural regions, ensuring a broader impact.

In summary, the reconstitution of the NSAC reflects the government’s commitment to fostering innovation and supporting the startup ecosystem in India. The diverse representation of stakeholders contributes to a comprehensive approach in addressing challenges and promoting growth in the startup sector.

National Startup Advisory Council (NSAC): 

  1. The NSAC was constituted by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry.
  2. The primary objective of NSAC is to advise the Government on measures aimed at building a robust ecosystem for nurturing innovation and startups. The ultimate goal is to drive sustainable economic growth and generate significant employment opportunities.
  3. Composition:
    • Chairman: The council is chaired by the Minister for Commerce & Industry.
    • Ex-officio Members: These include nominees from concerned Ministries/Departments/Organizations, not below the rank of Joint Secretary.
    • Non-official Members: The council includes non-official members representing various stakeholders, such as founders of successful startups and veterans who have contributed to the growth and scaling of companies in India.
  4. NSAC plays a crucial role in identifying areas for intervention to expand the startup ecosystem. It engages in ideation and nurturing national programs under the Startup India initiative.

In summary, the National Startup Advisory Council is a key mechanism in driving the objectives of the Startup India initiative, aligning with the government’s vision to promote innovation, entrepreneurship, and economic growth in India.

Start-up India Initiative:

  1. Launch Date: The Startup India initiative was launched in 2016.
  2. Flagship Initiative: Startup India is a flagship initiative of the Government of India, to catalyze a startup culture and establish a strong, inclusive ecosystem for innovation and entrepreneurship in the country.
  3. Startup India seeks to provide support and encouragement to startups through various policy measures, incentives, and initiatives. By nurturing startups, the initiative aims to contribute to sustainable economic development and job creation on a large scale.

Startup India Seed Fund Scheme (SISFS):

  1. The Startup India Seed Fund Scheme (SISFS) is an initiative by the Government of India to provide financial assistance to startups in their early stages.
  2. The primary goal of SISFS is to support startups by providing them with seed funding to help them kickstart their operations and contribute to their growth.
  3. Under the scheme, eligible startups receive financial assistance to meet their initial funding requirements, fostering a conducive environment for their development.
  4. The government allocates funds to the Startup India Seed Fund Scheme to facilitate the provision of financial support to qualifying startups.
  5. Startups can utilize the funds for various purposes, including product development, market entry strategies, proof of concept, prototype development, and other early-stage activities.
economy Reconstitution of National Start-up Advisory Council