INDIA LOOKS TO LEVERAGE STARTUP20 MOMENTUM TO BRIDGE INNOVATION GAPS AND FUNDING BARRIERS

India aims to bridge innovation and funding gaps via a $1 trillion annual investment in its startup ecosystem by 2030

- NIVEDITA MUKHERJEE

With Startup20's call to allocate an ambitious sum of USD 1 trillion per annum into the startup ecosystem by 2030 receiving firm support from Saudi Arabia’s Prince Fahad Bin Mansoor at the Shikhar Summit in Gurugram, India couldn’t have wished for a more resounding endorsement of the Startup20 Engagement Group initiative under its G20 Presidency. Or, for that matter, a better finale to the successful completion of Startup20’s inaugural year. The Shikhar Summit marks the first major milestone of the Engagement Group, which is a key Indian intervention to bring about convergence of diverse experiences and knowledge, foster collaboration, and bridge gaps between the innovation ecosystems of countries.

For India, the global recognition of the potential of startups comes at a time when the country’s “remarkable economic scale and market potential have enabled startups to flourish and thrive in the global startup ecosystem,” in the words of Commerce Minister Piyush Goyal. India’s huge talent and the skill of its demographic dividend, along with a large market potential, have made it attractive for startups and grown the country into the world’s third-largest startup ecosystem. Over the last seven years, India has registered 100,000 startups, including more than 100 unicorns, that have made significant contributions to various sectors such as health, finance, and agriculture, generating employment opportunities and fostering innovation. At the G20 level, there are as many as 850,000 startups among the member nations, with over 98,000 in India. Additionally, there are over 600 unicorns across the G20, with India holding about 108 of them.