The startup ecosystem is ecstatic as India’s G20 presidency puts it on the global map

The New Delhi announcement, which put startups and MSMEs on the global map, has given the start-up ecosystem a reason to cheer. “Yes! India has just put startups and SMEs on the G20 map as key drivers of growth and innovation! This is another first step under India’s leadership of the G20!!!! Proud to be… Part of the first #StartUp20Team to drive this agenda..under the amazing leadership of @DrChintan_V.”

It also tagged Paytm Chairman Vijay Shekhar Sharma and Gopal Srinivasan, Chairman and Managing Director, TVS Capital.

“MSMEs are the heart of the economy, startups are the brain, and kisan are the soul,” wrote Atul Mehra, founder of tech startup Vaayushop.

The New Delhi Declaration called startups and micro, small and medium enterprises “natural engines of growth.” He also highlighted that they are the main drivers of innovation and job creation, leading to social and economic transformation.

“We welcome the establishment and continuation of the G20 Startup Engagement Group during India’s G20 presidency,” the announcement said.

India has set up a startup taskforce consisting of stakeholders from the Indian startup ecosystem to come up with recommendations to be presented to the G20 summit. The task force members, including Ghosh, Sharma and Srinivasan, came up with several recommendations that were discussed across the country between January and July 2023.

The forum called for developing a global definitional framework for startups and a political framework to strengthen ecosystems within and across the G20 countries. Second, I proposed forming global alliances to improve market access and taking measures to push organizations, both government and private, to work with these companies. Third, it asked G20 countries to allocate $1 trillion in annual investment to startups by 2030 and facilitate cross-border capital flows. Fourth, it urged countries to improve inclusion by providing special attention to startups led by entrepreneurs from underrepresented groups.

“We are extremely pleased to see startups included as part of the Delhi Declaration for the first time in the G20 history,” said Rajan Anandan, Managing Director, Peak Grateful to be a part of it.

He also added that they are happy that Brazil has received the mandate to continue the Startup20 engagement group as its chair next year. “We look forward to working to implement the Startup20 recommendations over the next two years.”