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 Summitm giving the Indian start-up industry a global profile.
Adopting the New Delhi Declaration brought start-ups and the Micro, Small, and Medium Enterprises or MSMEs to the global forefront, say many from within the ecosystem.
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.’
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.
The forum called for a global definitional framework for start-ups and a policy framework to strengthen ecosystems within and across G20 nations.
It suggested forming global alliances to improve market access and measures to nudge organizations, both government and private, to work with these firms.
G20 nations have been asked to commit $1 trillion in annual investment for start-ups by 2030 and ease the cross-border flow of capital.
It also urged countries to improve inclusion by providing special attention to start-ups led by entrepreneurs from underrepresented groups.
Brazil has picked up the mandate to continue the Startup20 Engagement group into their presidency next year.
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