In a strategic move to fortify the ecosystem supporting India’s burgeoning startup landscape, the government has reconstituted the National Startup Advisory Council (NSAC), introducing 31 non-official members. This influential group includes luminaries such as Rajan Anandan of Peak XV Partners, Nithin Kamath from Zerodha, and Prashanth Prakash of Accel.
Established in January 2020 by the Department for Promotion of Industry and Internal Trade (DPIIT), the NSAC serves as a crucial advisory body, steering the government’s initiatives to nurture innovation and bolster startups across the country.
The two-year term for the non-official members reflects the government’s commitment to infuse diverse perspectives into the NSAC, ensuring representation from founders of successful startups, industry veterans, investor advocates, incubator representatives, and industry association leaders.
The eighth NSAC meeting, scheduled for December 19, 2023, in New Delhi, will be presided over by Union Minister Piyush Goyal. The council convenes regularly to propose measures aimed at fostering an innovation culture, promoting startup growth, and supporting creative ideas through incubation and research.
India’s startup ecosystem, currently boasting over 1.14 lakh recognized startups, has been a focal point for the government’s initiatives, aligning with the vision to transform the country into a $1 trillion digital economy by 2025. The NSAC’s role is integral to this strategy, providing strategic guidance and recommendations.
Earlier this year, the DPIIT initiated the ‘National Incubator Capacity Building Program’ under the ‘Startup India’ initiative, underscoring the government’s commitment to nurturing sustainable growth in startup incubators.
As India continues to attract significant investments, with over INR 13,832.91 crore infused into 718 startups through alternative investment funds (AIFs) under the Centre’s FFS scheme from 2018 to 2022, the NSAC’s reconstitution signals a dynamic shift in the leadership of India’s startup ecosystem.
