What is National Startup Advisory Council (NSAC)?
26-08-2023
10:32 AM
1 min read
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Overview:
The Union Minister of Commerce and Industry will chair the sixth meeting of the National Startup Advisory Council (NSAC) in New Delhi today, March 11.
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.
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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.
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.