Union Minister Piyush Goyal calls for international network to strengthen global start-up ecosystem

Union Minister for Commerce and Industry, Piyush Goyal on Saturday called for creation of an international network of mentors, investors and entrepreneurs to strengn global start-up ecosystem.

In a video dress to Inception Meeting of Start-up 20 Engagement Group of G20 here, he said this network must support and inspire start-ups, act as a team to facilitate exchange of ideas, best practices and funding mechanisms and promote collaborations in research and development.

He said it is not just role of individual nations to support innovation and ded that it will have to be collective responsibility of world nations to nurture a global effort to incubate start-up ecosystems in all parts of world.

This creates a global start-up ecosystem that is inclusive, supportive and sustainable to dress global challenges. Goyal said India was proud to highlight progress and potential of global start-up ecosystem as host nation of G20. He noted that Startup20 Group h been established under India's G20 Presidency for first time, as part of India's special focus on innovation. Observing that innovation would be strongest pillar that would help build a developed India in 'Amritkaal', he said innovation has been a catalytic force for economy and social and public good. "Innovation in today's world goes beyond achieving mere economic objectives as it also considers societal inclusion and environmental sustainability," he ded.

He said India h begun its start-up journey with foundation laid by Prime Minister Narendra Modi in 2016 with launch of Start-up India Initiative. In last seven years, it h helped in fostering entrepreneurship and promoting newer and newer ideas, helping start-ups grow by creating an ecosystem that is conducive for growth, an official release said. capabilities of our start-ups in different areas, including energy, financial inclusion, fight against COVID-19 pandemic when remote healthcare and food delivery became very important, helped us face a number of challenges, he said. Goyal, who noted that world is facing a multitude of global challenges, from climate change to poverty and inequality, expressed belief that innovation can le way in solving se problems. He said in Indian start-up context, entrepreneurs are using ir creativity and ingenuity to tackle se challenges. He cited examples of digital public goods like Cowin and UPI as means to tackle problems and ensure inclusive growth in India. He also highlighted that India h climbed to 40th rank in Global Innovation Index (GII) of WIPO taking a huge leap of 41 places in seven years. He gave Mantra of 'SENSE' - Share, Explore, Nurture, Serve and Empower for growth of start-ups. He expressed confidence that discussions during meeting in Hyderab would lay foundation for strong, actionable recommendations for G20 leers to deliberate and start a global start-up revolution, helping in making a difference to future of start-ups all around world. Startup 20 Engagement Group has been set up under India's G20 presidency. Union Tourism Minister G Kishan Reddy, Union Minister of State for Commerce Som Parkash, G20 Sherpa Amitabh Kant, NITI Aayog CEO Parameswaran Iyer attended inaugural session.

G20 Sherpa Amitabh Kant later told reporters that whatever Startup20 decides will be a very major component of final communique.

Anurag Jain, Secretary, Department for Promotion of Industry and Internal Tre, said since launch of Start-up initiative in January, 2016, India's ecoystem has grown to be third largest, in terms of unicorns, startup ecosystem in world.

Importantly, dition of new unicorns is second highest, and dition of new start-ups is highest, he said.

Startup20 has three different tracks, namely, foundation and alliance, finance and inclusivity and sustainability.

After Inception meeting in Hyderab, re will be three track meetings in Sikkim, Andaman and Nicobar and Bengaluru. summit meeting would be held in Gurugram.

"This is overall plan. Hopefully, we will be able to come out with something which will be able to create a framework for driving global ecosystem to find out solutions for global problems," he said.