National Startup Advisory Council

The Ministry of Commerce and Industry Shri Piyush Goyal recently chaired the first meeting of the National Startup Advisory Council.

National Startup Advisory Council

• It was constituted by the Department for Promotion of Industry and Internal Trade.
• The main objective of the council is to advise the Government of India on measures needed to build strong ecosystem to nurture innovation and startups in the country. This is to drive sustainable economic growth in the country and also to generate large scale employment opportunities.
• The council is constituted with both Ex-officio and non-official members. These members are nominated by the Government of India. They include members from the central ministries and also founder of successful startups.

Startups in India

• India now has 38,756 officially recognised startups. Of this twenty-seven are Unicorns. Unicorns are startups that have a market valuation of at least 1 billion USD.
• India is the third largest tech startup hub in the world.
• The demographics of Indian population is highly advantageous. This is because half of the Indian population are below the age of twenty years old.
• The GoI launched Startup India in 2016 to build a strong ecosystem for the growth of startups in the country.

Startup India

• It mainly aims on simplification and handholding, industry-academia partnership and funding support and incentives.
• India has been organising Prarambh (Startup India International Summit). It is organised by the Department for Promotion of Industry and Internal Trade.

Definition of Startup in India

The Government of India defines startup as an entity that is headquartered in India, has an annual turn over less than Rs 100 crores and has opened less than ten years ago.

Month: Current Affairs - April, 2021