A year right after setting up the National Startup Advisory Council involving non-official members to market the startup ecosystem in the nation, the Commerce Ministry has ultimately nominated the names of its members. The council will have 28 non-official members which includes Byju’s Byju Raveendran, Abhiraj Bhal from Urban Company, Snapdeal’s Kunal Bahl, Ola’s Bhavish Aggarwal, Sanjeev Bikhchandani from Info Edge India, SoftBank India’s Manoj Kohli, Sequoia Capital India’s Rajan Anandan, Nasscom President Debjani Ghosh, CII President Uday Kotak, and other representatives from various startups and investment firms, IIT Kanpur, IIM Ahmedabad, iSPIRT and more. Importantly, the improvement comes ahead of the union spending budget as the startup ecosystem seeks relaxations about Angel Tax and digital lending.
The term of these non-official members at the council will be for two years or till a particular period is notified by the government, whichever is earlier. The Department for Promotion of Industry and Internal Trade (DPIIT) had constituted the council on January 21, 2020, to recommend the government numerous actions essential “to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities,” the ministry mentioned in a statement.
Among the crucial regions for the council to recommend measures on integrated fostering innovation culture amongst citizens and students and advertising it across sectors which includes semi-urban and rural regions, supporting inventive concepts via incubation and study and improvement to assistance them develop into important items, facilitating public organizations to assimilate innovation with a view to enhancing public service delivery, advertising the creation, protection, and commercialization of intellectual home rights minimizing regulatory norms and expenses to start out, operate, develop and exit companies, advertising ease of access to capital for startups and incentivizing domestic capital for investments, making certain manage of startups with its founders and more.
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The Modi government more than the previous handful of years has announced various actions to increase regional startups. Startup India has been its greatest initiative to encourage young companies to register with the government and appreciate advantages which includes self-compliance beneath 3 environmental and six labour laws, exemption from paying earnings tax for 3 consecutive years along with exemption on capital gains and investments above fair market place worth. The advantages also integrated up to 80 per cent rebate in filing patents and winding up inside 90 days beneath Insolvency and Bankruptcy Code, 2016. To increase early-stage startup funding, PM Modi had not too long ago announced a seed fund worth Rs 1,000 crore and also launched a devoted tv show Startup Champions to showcase “innovations of the young and brilliant innovators and entrepreneurs of India,” PM Modi had mentioned in his address at the BIMSTEC summit final week.