THE GOVERNMENT SETS UP A NATIONAL STARTUP ADVISORY BOARD

NEW DELHI

The government announced on Tuesday that it had set up a National Business Start-up Advisory Board to advise the center on the measures needed to build a strong ecosystem for innovation and business creation in the country.

The Council will propose measures to promote an innovation culture among students and others, the Ministry of Trade and Industry said.

It will also propose measures to make it easier for public organizations to integrate innovation, to promote the creation, protection and marketing of intellectual property rights, to facilitate the creation, operation, growth and exit of businesses by regulatory compliance and costs are reduced.

The ministry also announced that the council would suggest ways to facilitate access to capital for startups, promote domestic capital for investment, mobilize global capital for investment, and maintain control over startups from original promoters.

The council, chaired by the trade minister, is made up of unofficial members nominated by the center, founders of successful startups, veterans who have built and expanded businesses in India, and people who care about the interests of investors can represent in start-ups.

There will also be people who can represent the interests of business incubators and accelerators, as well as representatives of associations of interest groups from start-ups and representatives of industrial associations.

The term of office of non-official members is two years.

The ministry added that the candidates from the ministries, departments and organizations concerned who are not below the rank of joint secretary will be ex officio members.

“The government has notified the structure of the council to advise the government on measures needed to build a strong ecosystem to promote innovation and startups in the country, to promote sustainable economic growth and create large-scale employment opportunities,” she said.

The individual names will be communicated later.



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