News Update

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

• ByStartupStory     |    June 5, 2023

The StartUp20 engagement group meeting in Goa has concluded with a strong call to action, urging G20 nations to allocate $1 trillion by 2030 to bolster startup ecosystems, as confirmed by a prominent official. Following the two-day meeting in Goa, all participating delegations have unanimously accepted the policy communiqué that was formulated, as highlighted by Dr. Chintan Vaishnav, Chair of the StartUp20 Engagement Group, during a press briefing.

The communiqué is set to receive official approval during the forthcoming meeting in Gurugram scheduled for next month. Dr. Vaishnav underscored the importance of the call to action, which urges G20 nations to dedicate $1 trillion towards fostering the growth of innovative ecosystems by 2030. Dr. Vaishnav also noted that this was the engagement group’s third meeting, following previous gatherings held in Hyderabad, Telangana, and Sikkim.

In a bid to foster public involvement, the policy communiqué has been made available on the StartUp20 website to actively seek input from the public, reflecting the essence of ‘jan bhagidari’ (public participation), according to Dr. Vaishnav’s statement. The preliminary policy communiqué puts forth the proposal of creating five task forces, namely foundations, alliances, finance, inclusion, and sustainability, as articulated by Dr. Vaishnav.

Moreover, the attendees reached a consensus on five key measures. These encompass the formulation and acceptance of a definitive framework to define startups, the creation of a network institution to bolster startups and ecosystems within G20 countries, enhanced and diversified capital accessibility, augmented market entry opportunities for underrepresented demographics, and the cultivation of the capability to expand startups with global significance.

 

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