Start-up India to Move Out of Invest India’s Ambit: Goyal

Start-up India to Move Out of Invest India’s Ambit: Goyal
The Hindu

 

Context

Commerce and Industry Minister Piyush Goyal recently announced that the Centre’s Start-up India initiative will transition out of the purview of Invest India, the official investment promotion and facilitation agency. This move will establish a new non-profit company that may also host the National Start-up Advisory Council (NSAC).

Invest India

Invest India is responsible for promoting and facilitating investments in India, supporting various sectors and initiatives, including Start-up India.

National Start-up Advisory Council (NSAC)

Constitution

• The NSAC was formed by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.

Objective

• The council aims to advise the government on establishing a robust ecosystem that fosters innovation and supports startups, ultimately promoting sustainable economic growth and generating large-scale employment.

Composition

• Chairman: The Minister for Commerce & Industry.
• Ex-officio Members: Nominees from relevant ministries, departments, or organizations, with positions not lower than the rank of Joint Secretary.
• Non-official Members: Startup founders and industry veterans, representing various stakeholders from across the startup ecosystem.

Role

• Identifying key intervention areas to expand the startup ecosystem.
• Ideating and nurturing national programs under the Startup India initiative.

This transition is expected to enhance the effectiveness of the Start-up India initiative, providing it with greater autonomy and a focused approach to fostering the startup culture in India.