Home   »   India's Current Affairs 2023   »   India handed over torch of Startup...

India handed over torch of Startup 20 to Brazil

The Startup20 Shikhar Summit, organized by the Startup20 Engagement Group under the India G20 Presidency, concluded successfully in Gurugram. This two-day summit served as a platform for fostering innovations, collaborations, knowledge sharing, and strategic alliances within the global startup ecosystem. The closing ceremony saw the official torch handover to Brazil, the next G20 presidency country, which committed to continuing the Startup20 initiative in 2024.

Action Points

Dr. Chintan Vaishnav, Chair of Startup20, emphasized the importance of specific action points outlined in the Policy Communiqué, which was officially released during the summit. These action points include:

  • Definition Framework for Startups: The G20 countries will work towards creating and adopting a comprehensive definition framework for startups, providing clarity and consistency in identifying and supporting them.
  • Networked Institution for Support: A networked institution will be established to support startups and ecosystem stakeholders across the G20 countries. This collaborative effort aims to provide resources, mentorship, and guidance to startups.
  • Increased Access to Capital: Efforts will be made to increase and diversify access to capital for startups. This includes exploring new funding mechanisms, venture capital, and angel investments, to fuel their growth and development.
  • Easing Market Regulations: Market regulations will be reviewed and streamlined to create a favorable environment for startups. Removing unnecessary barriers and simplifying compliance procedures will encourage innovation and entrepreneurship.
  • Inclusion of Underrepresented Communities: The G20 countries will prioritize the inclusion of underrepresented communities within the startup ecosystem. This initiative aims to promote diversity, equality, and opportunities for all aspiring entrepreneurs.

Saudi Arabia Endorses $1 Trillion Funding Milestone

During the summit’s closing ceremony, HRH Prince Fahad Bin Mansoor of Saudi Arabia endorsed and supported Startup20’s call to allocate an ambitious sum of $1 trillion per annum into the startup ecosystem by 2030. HRH recognized the potential of startups in becoming a global force for good and announced Saudi Arabia’s commitment to driving disruptive innovation and economic growth through this initiative.

Showcasing Outstanding Startups

The Startup20 Gurugram Shikhar Summit also featured showcases of outstanding national and international startups. These showcases provided a platform for startups to exhibit their innovative products, services, and technologies, attracting potential investors, partners, and customers. The event highlighted the importance of global collaboration and cross-border synergies.

Key takeaways for competitive examinations

  •  Union Minister of State for Commerce and Industry: Som Prakash.