Start-up ecosystem jubilant as India’s G20 Presidency puts them on global map

The New Delhi Declaration, which put start-ups and MSMEs on the global map, has given the start-up ecosystem a reason to rejoice. Debjani Ghosh, President of trade association body NASSCOM took to Twitter and wrote, “Yess! India just put #startups and #SMEs on the #G20 map as key engines of growth and innovation! This is a yet another first under India's G20 Leadership!!!! Proud to have been part of the first ever #StartUp20Team that drove this agenda.. under the terrific leadership of @DrChintan_V.”

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

Atul Mehra, founder of tech start-up Vaayushop wrote, “MSMEs are heart of economy, Startups are brain, Kisan is the spirit.”

The New Delhi Declaration called start-ups and MSMEs “natural engines of growth.” It also highlighted how they are the key drivers of innovation and job creation, leading to socio-economic transformation. 

“We welcome the establishment of the Start-up 20 Engagement Group during India’s G20 Presidency and its continuation,” the Declaration read. 

India established a start-up task force consisting of stakeholders from the Indian start-up ecosystem to come up with recommendations to be presented at the G20 Summit. The members of the task force including Ghosh, Sharma and Srinivasan came up with several recommendations which were discussed across the country between January and July 2023.

The forum called for a global definitional framework for start-ups and a policy framework to strengthen ecosystems within and across G20 nations. Second, it suggested forming global alliances to improve market access and measures to nudge organisations, both government and private, to work with these firms. Third, it asked G20 nations to commit $1 trillion in annual investment for start-ups by 2030 and ease the cross-border flow of capital. Fourth, it urged countries to improve inclusion by providing special attention to start-ups led by entrepreneurs from underrepresented groups. 

Rajan Anandan, Managing Director of Peak XV and Surge said, “We are incredibly thrilled to see the inclusion of startups as part of the Delhi Declaration for the first time in the history of G20. India took the initiative to launch the Startup20 Engagement Group during its G20 Presidency, and as an ecosystem we are grateful to have been a part of it.”

He also added that that they are glad Brazil has picked up the mandate to continue the Startup20 Engagement group into their presidency next year.  “We look forward to working on implementing the Startup20 recommendations over the next couple of years.”