All Start-up Initiatives Being Brought Under One Umbrella Entity: Piyush Goyal

New Delhi, Sep 17 (KNN) Commerce and Industry Minister Piyush Goyal announced on Monday that a new not-for-profit company, established under Section 8 of the Companies Act, will be formed to consolidate all initiatives and bodies of the Start-up India program under one umbrella.

Goyal emphasised that the company, potentially industry-led, will function similarly to Invest India, which manages national investment promotion.

"We will support it as a catalyst, ensuring it remains on the right policy track. It will have an independent board and organisation structure, with limited government oversight. The National Start-up Advisory Council can also be part of it," he explained.

Currently, Start-up India operates under Invest India, but Goyal suggested that the program has grown significantly and now requires its own dedicated structure.

"Start-up India has become a powerful ecosystem that deserves a house of its own," Goyal remarked, during the launch of a platform for the start-up sector.

The Start-up India initiative, launched on January 16, 2016, aims to foster entrepreneurship and transform India into a nation of job creators.

The program has rolled out several initiatives, managed by a dedicated team reporting to the Department for Promotion of Industry and Internal Trade (DPIIT). These initiatives include fiscal and other incentives to support start-ups.

Goyal also hinted at the involvement of Small Industries Development Bank of India (SIDBI) in the new company. He proposed that start-ups, particularly unicorns, could own shares in the company, allowing them to actively manage its affairs.

"We need to find ways to encourage people to support this initiative, and start-ups can own and professionally manage this company," he added.

He further suggested that the company could also hold valuable technology assets, ensuring the protection of trade secrets, while maintaining an agile and industry-driven structure.

(KNN Bureau)