Important Facts For Prelims
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National Startup Advisory Council
- 22 Jan 2020
- 2 min read
Why in News
The Government has set up a National Startup Advisory Council to advise the Centre on measures needed to build a strong ecosystem for nurturing innovation and start-ups in the country.
- It needs to be noted that India ranks 136 on the parameter ‘starting a business’ in the World Bank’s Ease of Doing Business table against an overall rank of 63.
Composition of the 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, to be nominated by the Central 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. The term of the non-official members will be for a period of two years.
- The Council will suggest measures to foster a culture of innovation amongst citizens and students, in particular, promote innovation in all sectors of the economy across the country.
- It will also suggest measures to facilitate public organisations to assimilate innovation with a view to improving public service delivery, promote creation, protection and commercialization of intellectual property rights.
- Further, it will suggest measures to make it easier to start, operate, grow and exit businesses by reducing regulatory compliances and costs, promote ease of access to capital for startups.