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World needs to come together to support startup ecosystem: Piyush Goyal

Union Minister Piyush Goyal (Image Courtesy: Twitter)

Union Minister Piyush Goyal has underlined that the world needs to join hands in supporting the startup ecosystem and facilitate incubation of startups across the globe. He said that the global startup ecosystem must be inclusive, supportive and sustainable to address global challenges.

Speaking at the inaugural session of the Inception Meeting of the Startup 20 Engagement Group of the G20 in Hyderabad today, the minister said that the need of the hour was the creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem.

Noting that the Startup20 Group has been established under India’s G20 Presidency as part of New Delhi’s focus on innovation, Goyal said that this network must provide the necessary support to startups and act as a team facilitating exchange of ideas, best practices and funding mechanisms.

He added that innovation would be the strongest pillar that would help build a developed India in the ‘Amritkaal’. “Innovation in today’s world goes beyond achieving mere economic objectives as it also considers societal inclusion and environment sustainability,” he said.

Startups have been in focus for the Narendra Modi government. In 2016 Prime Minister Modi launched the Startup India Initiative.

In India, 21 startups turned unicorn in 2022. Though it was less that 44 in 2021, it was much higher than China which saw only seven startups turning unicorns.

According to Inc42, Indian startups raised Rs 25 billion in 2022 despite economic uncertainty — a 40 per cent decrease from the Rs 42 billion raised in 2021.

Earlier speaking to India Narrative, Takashi Suzuki, Chief Director General (South Asia), Japan External Trade Organisation (JETRO) said that a substantial chunk of Japanese funds will flow into the Indian startup ecosystem this year.

“India will be great..There’s a bright future. I tell young people in India let’s make it (innovation) happen. I would support,” Son had said while addressing the InFinity Forum organised by International Financial Services Centres Authority (IFSCA) and Bloomberg in 2021. “I believe in the future of India. I believe in the passion of young entrepreneurs in India,” SoftBank Group’s founder Masayoshi Son said in 2021. He had expressed confidence over India’s future saying that he believed in the passion of the country’s young entrepreneurs.

Also read: Japanese companies keen to invest in Indian startups

G20 Startup group to meet in Hyderabad to boost emerging economies