Commerce and Industry Minister Piyush Goyal on Monday said a decision has been taken to set up a non-profit company under Section 8 of the Companies Act to bring all Startup India initiatives and bodies under one roof.
Goyal said the company can be industry-led, similar to Invest India, which can manage its affairs.
Startup India is currently hosted by Invest India, which is a national investment promotion body.
“We will support it as a catalyst so that, in terms of policy, it goes in the right direction. It will have an independent board and organisational structure and we will provide oversight. The National Emerging Enterprise Advisory Council can also be a part of it,” Goyal said.
The Startup India initiative was launched on 16 January 2016. Under this initiative, several programmes have been launched to support entrepreneurs, build a robust startup ecosystem and transform India into a country of job creators rather than job seekers.
These programmes are managed by a dedicated team of Startup India, which is under the Department for Promotion of Industry and Internal Trade (DPIIT). The initiatives are implemented through the Startup India Action Plan, under which fiscal and other incentives are offered.
Launching a platform for the sector, Goyal said, “I have taken a decision a few days ago, I think the process has already been set in motion. Please finalise the formation of a Section 8 company so that the national startup advisory board is also a part of the new startup.”
“Today, Startup India is headquartered at Invest India. I believe that Startup India has become such a powerful ecosystem in its own right that it should have its own headquarters.”
He added that SIDBI can also actively participate in this venture.
“How do we recognise our unicorns? Why not have a system where we issue shares in that Section 8 company as well to everyone who becomes a unicorn? We need to find ways to encourage people to support that,” he added.
He suggested that startups own this company and manage it professionally.
“And then that company can start owning these technology assets as well, so that way it will be agile and industry-leading… So you can ensure that trade secrets are not revealed,” Goyal said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 16, 2024 | 19:41 IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.