What is National Startup Advisory Council (NSAC)?

About National Startup Advisory Council:

• It was constituted by the   Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry.
  • Objective: To advise the Government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large-scale employment opportunities.
  • Composition of the council
• Chairman: Minister for Commerce & Industry.
• Ex-officio Members: Nominees of the concerned Ministries/Departments/Organisations not below the rank of Joint Secretary.
• Besides the ex-officio members, the council has non-official members, representing various stakeholders such as founders of successful startups, veterans who have grown and scaled companies in India
  • NSAC is playing an important role in identifying areas of intervention for the expansion of the startup ecosystem and ideating and nurturing national programs under the Startup India initiative. 

 

What is the Startup India initiative?

• Startup India is a flagship initiative of the Government of India, intended to catalyse startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. 
• It was launched in 2016.

 

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Q1) Who is an Entrepreneur?

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship.

Source: Commerce & Industry Minister Piyush Goyal to chair sixth meeting of National Startup Advisory Council in New Delhi