New Delhi, Jan 28,2023: Union Minister for Commerce and Industry, Piyush Goyal on Saturday called for creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem.

The Minister said that this network must support and inspire startups, act as a team to facilitate exchange of ideas, best practices and funding mechanisms and promote collaborations in Research and Development.

The Union Minister was addressing the inaugural session of the Inception Meeting of the Startup 20 Engagement Group of G20 in Hyderabad.

He said that it is not just the role of individual nations to support innovation and added that it will have to be the collective responsibility of world nations to nurture a global effort to incubate startup ecosystems in all parts of the world, thus creating a global startup ecosystem that is inclusive, supportive and sustainable to address global challenges.

Goyal said that India was proud to highlight the progress and potential of the global startup ecosystem as the host nation of G20. He noted that the Startup20 Group had been established under India’s G20 Presidency for the first time, as part of India’s special focus on innovation.

The Minister expressed confidence that innovation would be the strongest pillar that would help build a developed India in the Amritkaal. He said that innovation has been a catalytic force for the 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 said.

Goyal noted that the world is facing a multitude of global challenges, from climate change to poverty and inequality. He expressed his firm belief that innovation can lead the way in solving these problems. The Minister said that in the Indian startup context, our entrepreneurs are using their creativity and ingenuity to tackle these challenges head-on.

He cited the examples of digital public goods like Cowin, UPI and ONDC as means to tackle problems and ensure inclusive growth in India by redefining social innovation.

The Minister said that growing participation from Tier 2 & 3 markets that are swiftly embracing latest technology, has pushed envelope for local startups in India with new ideas to succeed. He said that through G-20, India was trying to transfer our expertise, so IndiaStack will be GlobalStack and transform the way people use technology, helping take technology to the common man.

He added that developing nations must transform themselves from being destinations for low-cost, outsourced software and support services, to becoming global tech and innovation hubs. He also highlighted that India had climbed to 40th rank in the Global Innovation Index (GII) of WIPO taking a huge leap of 41 places in 7 years.