Context:
Central Government reconstituted National Start-up Advisory Council (NSAC).
- It nominated non-official members upon completion of the two-year term of the NSAC.
National Startup Advisory Council (NSAC):
- Notified by – Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry.
- Aim – To advise Government on fostering innovation and startups for sustainable economic growth and widespread employment.
- Composition –
- Members from relevant line Ministries, Departments, and Organizations
- Non-official members include founders of successful startups, persons representing interests of investors, incubators and accelerators, etc.
- Term of Non-official members – 2 years or until further orders, whichever is earlier.
- Headed by – Union Minister of Commerce & Industry
- Key functions –
- Foster a culture of innovation amongst citizens and students.
- Mobilize global capital for investments in Indian startups.
- Keep control of startups with original promoters.
- Provide access to global markets for Indian startups, etc.
- Programs and initiatives – Mentorship, Advisory, Assistance, Resilience, and Growth (MAARG) programme, National Mentorship Program, Adoption of NavIC Grand Challenge, Startup Champions 2.0 etc.
Indian Start-up ecosystem:
- 3rd largest ecosystem for start-ups globally as of May 2023.
- In terms of Global Innovation Index (GII) – 2nd among lower middle-income economies and 1st among Central and Southern Asian economies.
Terms Related to Start-ups:
- Decacorn – A current valuation of over USD 10 billion.
- Unicorns – Start-ups founded after the year 2000 with a valuation of USD 1 billion.
- Gazelles – Start-ups that are most likely to go Unicorn in the next three years.
- Cheetahs – Start-ups that could go Unicorn in the next five years.
Source: PIB
Previous Year Question
What does venture capital mean?
[UPSC Civil Services Exam – 2014 Prelims]
(a) A short-term capital provided to industries
(b) A long-term start-up capital provided to new entrepreneurs
(c) Funds provided to industries at times of incurring losses
(d) Funds provided for replacement and renovation of industries
Answer: (b)
