On Tuesday, the government announced that it had formed a National Startup Advisory Board to advise the center on steps needed to build a strong ecosystem to support innovation and start-ups in the country.
Ministry of Commerce and Industry
According to the Ministry of Commerce and Industry, the Council will recommend steps to promote a culture of creativity amongst students and others.
It also proposes measures to facilitate the assimilation of public organizations, to promote the creation, protection, and marketing of intellectual property rights and the facilitation of starting, operating, growing and leaving companies by reducing regulatory compliance and costs.
Moreover, the ministry said the Council would propose ways of facilitating access to capital for start-ups, stimulating domestic capital for investments, mobilizing global investment capital, and maintaining control of start-ups with initial promoters.
Minister for Commerce
The Board, chaired by the Minister for Commerce, consists of unofficial members appointed by the Centre, founders of successful start-ups, veterans of growing and growing businesses in India, individuals who can represent investors ‘ interests in start-up companies.
It will also have people capable of representing incubators and accelerators ‘ interests and representatives of associations of start-up stakeholders and of industry association representatives.
The term of the non-official members shall be two years.
The ministry added that ex-officio members would be the representatives of ministries, departments or organizations concerned not below the level of joint secretary.
“The government has advised the Council structure of the necessary measures to build a strong ecosystem to foster innovation and start-ups in the country to encourage sustainable economic growth and generate large-scale jobs,” it said.
The names are notified later on.