India to Establish Independent Company for Startup Ecosystem

Commerce and Industry Minister Piyush Goyal has announced the formation of a not-for-profit company to unify all Startup India initiatives. The company, to be set up under section 8 of the Companies Act, will have an industry-led approach and independent governance, aiming to enhance the nation's startup ecosystem.

Commerce and Industry Minister Piyush Goyal announced on Monday the establishment of a not-for-profit company under section 8 of the Companies Act to consolidate all Startup India initiatives.

Goyal highlighted that the new company could be industry-led similar to Invest India, which manages its operations. Currently, Startup India is part of Invest India, tasked with promoting investments nationwide.

According to Goyal, the formation of this new entity will receive government support as a catalyst to ensure it remains on the right track policy-wise. The National Startup Advisory Council will also be integrated into this new company, aiming for independent governance and an appropriate organizational structure.

(With inputs from agencies.)