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What is the News? The Minister of Commerce & Industry chaired the first meeting of the National Startup Advisory Council(NSAC).
About the National Startup Advisory Council(NSAC):
- National Startup Advisory Council(NSAC) was constituted by the Department for Promotion of Industry and Internal Trade(DPIIT).
- Purpose: To advise the Government on measures required to build a strong ecosystem for nurturing innovation and startups in the country.
Functions of NSAC:
- Firstly, to foster a culture of innovation amongst citizens and students, in particular. Further, it also promotes innovation in all sectors of the economy across the country.
- Secondly, to facilitate public organisations to assimilate innovation. This includes innovations in improving public service delivery, promote the creation, protection, and commercialization of intellectual property rights.
- Thirdly, to make it easier to start, operate, grow and exit businesses. It aims to achieve this by reducing regulatory compliances and costs, promote ease of access to capital for startups.
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Composition of the National Startup Advisory Council:
- Chairman: Minister for Commerce & Industry.
- Convener of the Council: Joint Secretary, Department for Promotion of Industry and Internal Trade.
- Ex-officio Members: Nominees of the concerned Ministries/ Departments/ Organisations not below the rank of Joint Secretary.
- Non-official members: They are nominated by the Government from various categories like:
- Founders of successful startups
- Veterans who have grown and scaled companies in India
- Persons capable of representing the interests of investors into startups, etc.
Note: The term of the non-official members will be for a period of two years or until further orders whichever is earlier.