Piyush Goyal Urges World To Come Together To Support Startups

Amidst the growing global challenges, Union Minister Piyush Goyal has urged the world to come together in support of the start-up ecosystem, facilitating the global incubation in the first stage. Goyal was speaking at the inaugural session of the inception meeting of the Start-up 20 engagement group of G20 in Hyderabad on Saturday.

He further added that the global start-up ecosystem must be inclusive, supportive and sustainable to address the worldwide challenges and the creation of an international network of mentors, investors and entrepreneurs will strengthen the same.

Highlighting the Startup-20 group establishment under India's G20 Presidency as part of New Delhi's innovation focus, Goyal said that this network will provide the required support to the start-up’s act, a team facilitating the exchange of ideas, best practices and funding mechanisms.

He emphasised that innovation would be the strongest pillar, building a key role for the developed India objective in ‘Amritkaal’. The minister further added that innovation in today's time is about going beyond mere economic significance as it also includes societal inclusion and environmental sustainability. 

He stressed start-ups as an important focus of the central government, adding about the Startup India Initiative of the Prime Minister that was kick started in 2016 that has helped the country in growing new business ventures.  

He underlined the 21 start ups that turned unicorns last year, comparatively less than 44 in 2021. But a higher number in comparison to China which marked only 7 start-ups turned unicorns.