Startup Current Affairs - 2020
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On January 22, 2020, the Union Ministry of Commerce and Industry has setup National Startup Advisory Council. The council will suggest ways to build strong start ups in the country. It is being set up to reduce the time spent on tax compliance to less than one-hour a month and to boost the availability of domestic and global capital.
India ranks 136 in World Bank’s “Starting a Business” ranking. The council is being set up to improve India’s rank globally.
Composition of the Council
The council is to be chaired by the Minister of Commerce and Industry. The Council will have non-official members nominated by the Union Government. The non-official members will hold office for two years.
The members will be selected from different categories such as founders of successful startups, persons capable of representing interests of accelerators and incubators, etc.
The council will also include Ex-officio members. According to the ministry, they will be of the rank of Joint Secretary. The DPIIT (Department of Promotion of Industries and Trade) will be the convener of the council.
Functions of the council
The Council will suggest measures to spread culture of innovation among all the citizens and students. This will help to promote innovation among all sectors of the economy widely. It will also recommend measures to facilitate public organisations. This will help to deliver better governance, promote creation and commercialize intellectual property rights.
The Council will also suggest ways to make the process of starting, operating and exiting a business simpler. It will also mobilize investments in startup sector and will provide access of the startups to the global markets.
Tags: Business • Capital Acquisition • Investment • Ministry of Commerce and Industry • National Startup Advisory Council
The Minister of Electronics and Information Technology (MeiTY) Shri Ravi Shankar Prasad unveiled a series of new initiatives at the Start-Up Summit at New Delhi
Highlights of the summit
- The MeitY Startup Hub was launched. The Hub will facilitate the vision of the Ministry towards technology, startups, innovation and creation of intellectual properties. The Software Technology Parks of India will act as the nodal agency in implementing the scheme
- The summit aims to bring the key stake holders and startups of Artificial Intelligence (AI) and Internet of Things (IoT) together
- During the summit the entrepreneurs and startups will share effective techniques and strategies.
- The participators of the summit will also work together to bring in focus of venture capital and government around their processes and strategies.
Highlights of the Ministers’ speech in the event
- “Reform, Preform and Transform” are the key focus areas of the GoI
- The Transformation Technology schemes in India are playing a vital role. It includes Digital India, make in India, Startup India and Smart Cities
- The Digital Initiatives like eNam, Digital payments and eVisas have shown tremendous maturity and growth
- Around 1.25 lakh Gram Panchayats are connected to optical fiber.
- The TIDE-Technology Incubation and Development of Entrepreneurs launched in 2008 and the TIDE 2.0 version launched in June 2018 has multi prolonged approach in diverse areas like ICT, management and Electronics.