Commerce and Industry Minister Piyush Goyal has proposed the creation of a non-profit company to consolidate all initiatives under the Start-Up India program, with the goal of streamlining efforts to support the country’s thriving startup ecosystem. Speaking at the launch of the Bharat Startup Knowledge Access Registry (BHASKAR), Goyal emphasized the need for an industry-led organization, similar to Invest India, to centralize the management of startup-related programs.
The proposed company would merge initiatives like the National Startup Advisory Council (NSAC) under one umbrella, granting greater autonomy to the startup sector. Goyal called on startups to take the lead in establishing this Section 8 (non-profit) entity, positioning the ecosystem to operate with more independence from direct government oversight.
In addition, Goyal proposed offering equity shares in this new entity to unicorn startups, which could provide further incentives and recognition to these leading innovators. This move is expected to foster a more self-reliant startup ecosystem, enabling greater growth, innovation, and entrepreneurship within the Indian market.
By creating an independent, industry-driven platform, the initiative seeks to promote more seamless collaboration among startups and unicorns, empowering them to play a larger role in shaping India’s economic future.
Summary:
- Piyush Goyal proposed a non-profit entity to consolidate the Start-Up India program, giving startups more autonomy.
- The entity will centralize efforts like the National Startup Advisory Council and offer unicorns equity shares as incentives.
- The initiative aims to build a more self-reliant and independent startup ecosystem, driven by industry leadership.