Indian Economy News

Mr. Piyush Goyal called for the creation of an international network of mentors, investors, and entrepreneurs to strengthen the global startup ecosystem

Mr. Piyush Goyal, the Union Minister for Commerce and Industry, Consumer Affairs, Food, Public Distribution, and Textiles, while addressing the inaugural session of the inception meeting of the Startup 20 Engagement Group of G20 in Hyderabad, called for the creation of an international network of mentors, investors, and entrepreneurs to strengthen the global start-up ecosystem. He said that this network must support and inspire startups, act as a team to facilitate the exchange of ideas, best practices, and funding mechanisms, and promote collaborations in research and development.

He added that it is the collective responsibility of the world nations to nurture a global effort to incubate the start-up ecosystems in all parts of the world, thereby creating a global start-up ecosystem, which is inclusive, supportive, and sustainable to address the global challenges.

Mr. Piyush Goyal said that India was proud to host the Startup20 Group under India's G20 Presidency for the first time. The Minister expressed confidence that innovation would be the strongest pillar that would help build a developed India in the Amritkaal. He said that innovation has been a catalytic force for the economy and social and public good.

He remarked that the start-up journey in India began with the foundation stone laid by the Prime Minister, Mr. Narendra Modi in 2016 with the launch of the Start-up India Initiative and since then, it has helped in fostering entrepreneurship and promoting newer and newer ideas, helping startups grow and flourish by creating an ecosystem that is conducive for growth. He expressed his firm belief that with the numerous challenges that the world is facing, innovation can lead to a way in solving these problems. The Minister said that in the Indian start-up context, our entrepreneurs are using their creativity and ingenuity to tackle these challenges head-on, while citing examples like Co-Win, Unified Payments Interface (UPI), etc. The minister added that the developing nations must become global tech and innovation hubs. He said, through G-20, India was trying to transfer the expertise, so IndiaStack will be GlobalStack and transform the way people use technology, helping take technology to the common man. He also highlighted that India had climbed to 40th rank in the Global Innovation Index (GII) of the World Intellectual Property Organization (WIPO) taking a huge leap of 41 places in seven years.

Mr. Piyush Goyal gave the Mantra of ‘SENSE’ that is, Share, Explore, Nurture, Serve, and Empower for the growth of the startups. He expressed confidence that the discussions in the next two days would lay the foundation for strong actionable recommendations for G20 leaders to deliberate and start a Global Startup Revolution, helping us truly make a difference in the future of start-ups all around the world.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.