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India Pitches For New Group At G-20 Level For Start-Ups: Report

Start-ups in India and elsewhere have already been hit hard by the pandemic and are now going to be impacted further by rising interest rates across the world

India Pitches For New Group At G-20 Level For Start-Ups: Report

Outlook Start-Up Desk

POSTED ON October 11, 2022 10:59 AM

The government has proposed a new group at the G-20 level for start-ups to address issues such as lack of financing and policy support that often stymie their growth, Financial Express reported citing a government official. India is going to assume the presidency of the G-20 grouping in December.

Start-ups in India and elsewhere have already been hit hard by the pandemic and are now going to be impacted further by rising interest rates across the world. The Indian start-up eco system has emerged as third-largest with 75,000 start-ups and around 100 unicorns.

G-20 grouping should work towards creating and adopting guiding principles for open source and inter-operable platforms and firm up standards to promote inclusive digitisation across the world, the reported quoted Anurag Jain, secretary department for promotion of industry and internal trade (DPIIT) as saying.

Highlighting India's success in harnessing technology to create platforms like UPI and Aadhaar, Jain added that knowledge, innovation and sustainability have emerged as the drivers of economic growth in the modern age. Even the CoWin platform has helped transform the country's Covid vaccination drive.

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