National Startup Advisory Council setup to boost Startups and Innovations

On January 22, 2020, the Union Ministry of Commerce and Industry has setup National Startup Advisory Council. The council will suggest ways to build strong start ups in the country. It is being set up to reduce the time spent on tax compliance to less than one-hour a month and to boost the availability of domestic and global capital.

India ranks 136 in World Bank’s “Starting a Business” ranking. The council is being set up to improve India’s rank globally.

Composition of the Council

The council is to be chaired by the Minister of Commerce and Industry. The Council will have non-official members nominated by the Union Government. The non-official members will hold office for two years.

The members will be selected from different categories such as founders of successful startups, persons capable of representing interests of accelerators and incubators, etc.

The council will also include Ex-officio members. According to the ministry, they will be of the rank of Joint Secretary. The DPIIT (Department of Promotion of Industries and Trade) will be the convener of the council.

Functions of the council

The Council will suggest measures to spread culture of innovation among all the citizens and students. This will help to promote innovation among all sectors of the economy widely. It will also recommend measures to facilitate public organisations. This will help to deliver better governance, promote creation and commercialize intellectual property rights.

The Council will also suggest ways to make the process of starting, operating and exiting a business simpler. It will also mobilize investments in startup sector and will provide access of the startups to the global markets.

Month: Current Affairs - January, 2020