Govt sets up National Startup Advisory Council

News:Government has set up the National Startup Advisory Council to advise the government on nurturing the culture of innovation among the citizens.

Facts:

About National Startup advisory Council:

• National Startup Advisory Council was formed with an aim to drive sustainable economic growth and generate employment opportunities.

Composition of the Council:

• The Council will be chaired by commerce and industry minister.
• Joint secretary of Department for Promotion of Industry and Internal Trade will be the convener of the body.
• It will also 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 secretaryThey will be nominated as the ex-officio members of the council. 

Mandate of the Council:

• 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.
• It will also 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.