Panel Calls for G20 to Allocate $1 Trillion for Startups by 2030

5 Jun 2023 , 09:27 AM

A call to action has emerged from the conclusion of the StartUp20 engagement group meeting in Goa, urging G20 nations to allocate $1 trillion to support startup ecosystems by 2030, according to a top official.

After the two-day meeting in Goa, all participating delegations have accepted the developed policy communiqué, stated Dr. Chintan Vaishnav, Chair of the StartUp20 Engagement Group, during a press briefing.

The communiqué will be officially approved at the upcoming meeting in Gurugram next month. Dr. Vaishnav emphasized that the call to action urges G20 nations to commit $1 trillion towards the development of new ecosystems by 2030.

According to Dr. Vaishnav, this was the third meeting of the engagement group, with the previous two taking place in Hyderabad, Telangana, and Sikkim.

To encourage public engagement, the policy communiqué has been published on the StartUp20 website to solicit feedback from the public, demonstrating the spirit of ‘jan bhagidari’ (public participation), he added.

The draft policy communiqué recommends the establishment of five task forces: foundations, alliances, finance, inclusion, and sustainability, as outlined by Dr. Vaishnav.

Furthermore, the participants agreed upon five actions, including the development and adoption of a definition framework for startups, the establishment of a network institution to support startups and ecosystems across G20 nations, increased and diversified access to capital, improved market access for underrepresented groups, and the development of the capacity to scale startups of global interest.

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