Startup

Govt notifies National Startup Advisory Council to foster culture of innovation

Updated : January 21, 2020 05:59 PM IST

council will suggest measures to build an ecosystem for nurturing innovation and startups in the country.

National Startup Advisory Council will support creative and innovative ideas through incubation, research and development.

The Council was formed with an aim to drive sustainable economic growth and generate employment opportunities.

Centre on Tuesday notified the structure of the National Startup Advisory Council to advise the government on nurturing the culture of innovation among the citizens.

The council will suggest measures to build an ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate employment opportunities, according to a Commerce ministry statement released on Tuesday.

It will support creative and innovative ideas through incubation, research and development and transform them into valuable products, processes.

The council will also suggest measures to facilitate public organisations to improve public service delivery, promote creativity, protection and commercialisation of intellectual property rights, among other matters.

The advisory body will help startups to operate, grow and exit businesses by reducing regulatory compliances and costs and getting access to capital.

It will advise the government on incentivising for investments into startups, mobilise global capital for investments into Indian ventures, and control of startups and providing access to global markets.

The council will be chaired by commerce and industry minister and will consist of non-official members, to be nominated by the government from various categories such as founders of successful startups, veterans who have grown and scaled companies.

The term of the non-official members of the council will be for a period of two years.

The nominees of the ministries or departments concerned will not be below the rank of joint secretary

They will be nominated as the ex-officio members of the council. Joint secretary of Department for Promotion of Industry and Internal Trade will be the convener of the body.

Govt notifies National Startup Advisory Council to foster culture of innovation

You May Also Like

Stock Market Highlights: Sensex ends 1,115 points lower, Nifty below 10,850 following global selloff

Startup Street: 1bridge, a social tech enterprise that delivers products in villages

Off The Charts: Rs 1 lakh invested in this cement firm in 2001 would have grown to Rs 7.8 cr

Trending on CNBC-TV18

recommended for you