G20 Startup Group Proposes $1 Trillion to Catalyze Global Innovation

In a groundbreaking development, the startup engagement group of G20 nations gathered in Goa and unveiled an ambitious call for a $1 trillion commitment to supercharge the startup ecosystem in member countries by 2030.

The momentous announcement, made on Sunday, reverberated with a shared determination to foster and uplift startups on a global scale

Led by India as the chair of the group, the summit meeting of the Startup20 Engagement Group is scheduled for July 3 and 4 in Gurugram, where the adoption of a policy communique is expected to take place. This landmark agreement reflects the unwavering faith of the Startup20 community in scouting and supporting startups globally.

Chintan Vaishnav, Chair of Startup20, expressed his enthusiasm, stating, "The G20 nations have taken a momentous stride forward in their mission to nurture and support startups."

This gathering in Goa marked the third meeting of the startup group of G20, originally proposed by India during its presidency. The draft core Recommendation and Policy Directives of the policy communique was discussed during the Goa meeting. Key proposals include a universal framework for defining startups, streamlined support measures, and the alignment of member countries' definitions.

The alliance's task force aims to foster collaboration by recommending startup-specific policies and facilitating access to markets across G20 nations. The finance task force emphasizes cross-border listings, tax concessions, and mechanisms to facilitate capital flow. The inclusion and sustainability task forces prioritize startups focused on Sustainable Development Goals and propose capital inflow frameworks.

With approximately 850,000 startups across G20 countries, including over 98,000 recognized startups in India, and a global tally of 1,600 unicorns, including 108 in India, this call for a substantial financial commitment showcases the G20 nations' resolute ambition to champion innovation.

This visionary pledge marks a significant milestone for global entrepreneurship, setting the stage for a future brimming with boundless possibilities.

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