Startup20 -India’s remarkable economic scale and market potential enable startups to flourish and thrive in global startup ecosystem: Union Commerce and Industry Minister

Source: The post is based on the article “India’s remarkable economic scale and market potential enable startups to flourish and thrive in global startup ecosystem: Union Commerce and Industry Minister” published in PIB on 3rd July 2023.

What is the News?

The Union Minister for Commerce and Industry has addressed the Startup20 meeting at Gurugram.

What is Startup20?

Startup20 is an official engagement group established under India’s G20 Presidency. 

It acts as a dialogue forum with the G20 nations startup ecosystem stakeholders and intends to represent the startup ecosystem of the G20 nations to raise the macroeconomic concerns and challenges faced by the startup ecosystem players in these nations.

Startup20 Engagement Group will operate through three Task Forces: 

– The Foundations and Alliances Taskforce: It will work to create a startup terminology handbook, set up a global knowledge hub, and create bilateral and Multilateral collaborations with governments, policymakers, academic & research institutes, industry associations and international organizations to promote startups.

– The Finance Taskforce: It will broaden the array of financial instruments available to startups, through policy level intervention and create pitching, capacity building and networking opportunities for startups with the global investor community.

– Inclusion and Sustainability Taskforce: It will work towards promotion of inclusive entrepreneurship, startups working towards inclusion, creating a sustainable planet on the back of startups working towards the SDGs, while also encouraging them to adopt growth-centric sustainable strategies.

First meeting of Startup20: Startup20’s inception meeting was held in Hyderabad in January 2023.At the meeting, Startup20X was launched.

– Startup20X is a platform conceptualized to host talks, conferences, and events conducted under the aegis of India’s Startup20 Engagement Group. It will bring together leaders from the world of innovation and entrepreneurship and give them a platform to share their experiences and network with ecosystem stakeholders.