The inclusion of startups in G20’s Delhi Declaration is an unprecedented milestone and stakeholders in the Indian startup ecosystem have expressed their happiness. The Startup20 Engagement Group was established by India during its G20 Presidency and will continue under Brazil’s G20 Presidency in 2019.
The Startup20 Engagement Group has made a number of important proposals, one of which is that by 2030, every G20 country should devote 1% of its GDP to supporting startups. Rajan Anandan, Managing Director of venture capital firm Peak XV, estimates that this may lead to $1 trillion in annual startup funding across the G20 countries.
The Startup20 Engagement Group’s formation is significant since it is the first formally recognised engagement group of its sort under India’s G20 chairmanship in 2023. Its main goal is to develop a worldwide narrative that supports and promotes entrepreneurs and makes it easier for them to work together with corporations, investors, and innovation organizations.
The Alliance for Digital India Foundation (ADIF), a think tank for Indian digital startups, is directed by Dr. Ritesh Malik, who emphasizes that startups are the engine of global innovation. Such young entrepreneurs need a specialized platform that facilitates regulatory simplicity, international collaboration, technological policy, and the development of global synergies. Dr. Malik also emphasizes the crucial part that innovation plays in resolving urgent global issues including pollution, unemployment, cybersecurity, and climate change.
Task Forces will be used by Startup20 India to create important priorities and generate suggestions that promote international startup ecosystems. These Task Forces will concentrate on a range of subjects to address the unique requirements and difficulties faced by startups.
Overall, the Delhi Declaration’s inclusion of startups shows how their ability to spur innovation and tackle global problems is being increasingly recognised. With the creation of the Startup20 Engagement Group, a platform devoted to fostering and assisting entrepreneurs globally and promoting cross-border cooperation and innovation is now available.