The Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal chaired the 4th meeting of the National Startup Advisory Council (NSAC) in New Delhi on 17 May 2022.
Startup council to focus on tier-2, 3 cities
Speaking on the occasion, the Union Minister assured continuous government support in developing the startup ecosystem. Union Minister appreciated the work done by NSAC members and urged them to focus on Tier 2 and Tier 3 cities where limited VC funding is available. Union Minister Piyush Goyal also stressed the need for capacity building and creating awareness about various initiatives of the government to promote startups in such cities.
The council deliberated on important matters related to the startup ecosystem, including protecting the ownership of startups with original promoters, getting incorporated in India, listing in India, developing innovation hubs, etc. The members also shared progress on programs presented in earlier NSAC meetings including National Mentorship Program, Investor-Startup Matchmaking Portal, Incubator Capacity Development Program, etc.
Union Commerce Minister Piyush Goyal also launched the NavIC Grand Challenge, which aims to promote the adoption of NavIC as a geo-positioning solution, a key proponent for a digital self-reliant India.
About National Startup Advisory Council
Department for Promotion of Industry and Internal Trade (DPIIT) had constituted the National Startup Advisory Council 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.
It is a one-of-a-kind congregation in which the policy-making process operates as part of a collaboration between all the key stakeholders in the startup ecosystem.
The Secretary, Department of Space also highlighted the various measures being taken by the Government to strengthen the capabilities of NavIC and create a holistic ecosystem of software and hardware around it.
