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News In Brief Startups

Strengthening The Startup Ecosystem: Highlights From The 6th Meeting Of NSAC

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Strengthening The Startup Ecosystem: Highlights From The 6th Meeting Of NSAC
24 Mar 2023
5 min read

News Synopsis

News Background and Introduction:
The Startup India initiative was launched by the Government of India in 2016 to promote and support startups in the country. The initiative aims to foster innovation, create jobs, and drive economic growth by providing various benefits and incentives to startups. The National Startup Advisory Council (NSAC) was constituted by the Department for Promotion of Industry and Internal Trade (DPIIT) to advise the government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country. The 6th meeting of NSAC was held in New Delhi recently, which was chaired by the Minister of Commerce and Industry, Mr. Piyush Goyal.

Deliberations and Recommendations: 
More than 25 members were present at the 6th NSAC meeting, who shared their insights and views about the startup ecosystem in the country. The members deliberated upon important matters relating to the startup ecosystem, including the importance of thematic seed funds, creating innovation hubs, updates on the Startup20 Engagement Group, incorporating Startup India’s vision with the vision of India@2047, etc.

The members also shared progress on programs presented in earlier NSAC meetings, including the National Mentorship Program and the Incubator Capacity Development Program. These programs have been designed to provide mentorship and support to startups at different stages of their development.

The Minister assured continued government support in developing the startup ecosystem and provided valuable suggestions to the members on various matters relating to the subject. He also launched the Startup India Investor Connect portal, which is an intermediary platform that uses AI-based matchmaking to match startups to investors, enabling startups to pitch their ideas and create investment opportunities for them.


The Startup India Podcast, Superstree:
Women in the Startup Ecosystem, was also launched at the meeting to celebrate the thriving contribution of women entrepreneurs in the country. The podcast aims to inspire and encourage more women to become entrepreneurs and start their own businesses.

ThinkWithNiche Editorial Last Take: News Conclusion:
The NSAC has been playing an important role in advising the government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country. The initiatives and programs launched under the Startup India initiative have already started to yield results, and the government is committed to providing continued support to startups in the country.
The 6th meeting of NSAC was a significant step in strengthening the startup ecosystem in the country. The recommendations and insights shared by the members will help in shaping the policies and programs for startups in the future. The launch of the Startup India Investor Connect portal and the Superstree podcast are welcome additions to the Startup India initiative and will help in promoting entrepreneurship and innovation in the country.
Overall, the NSAC is a crucial platform for startups to share their ideas and concerns with the government, and the government is committed to providing a conducive environment for startups to thrive and grow. With the right support and guidance, startups in the country can play a significant role in driving economic growth and generating employment opportunities for the youth of the country.