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Piyush Goyal Calls For International Network To Strengthen Global Startup Ecosystem According to the minister, this network must support and inspire startups, act as a team to facilitate exchange of ideas, best practices and funding mechanisms and promote collaborations in research and development

By Teena Jose

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Piyush Goyal Twitter handle

Commerce and industry minister Piyush Goyal, on Saturday, reportedly suggested the creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem. The Union Minister was addressing the inaugural session of the Inception Meeting of the Startup 20 Engagement Group of G20 in Hyderabad.

According to the minister, this network must support and inspire startups, act as a team to facilitate exchange of ideas, best practices and funding mechanisms and promote collaborations in research and development.

"It is not just the role of individual nations to support innovation and added that it will have to be the collective responsibility of world nations to nurture a global effort to incubate startup ecosystems in all parts of the world, thus creating a global startup ecosystem that is inclusive, supportive and sustainable to address global challenges," said the minister in a statement.

"India was proud to highlight the progress and potential of the global startup ecosystem as the host nation of G20. The Startup20 Group had been established under India's G20 Presidency for the first time, as part of India's special focus on innovation," added the minister.

Emphasizing the role of innovation in the Indian economy, the minister said that, "Innovation in today's world goes beyond achieving mere economic objectives as it also considers societal inclusion and environmental sustainability."

He added that the capabilities of Indian startups in different areas helped the country face a number of challenges, be it energy, financial inclusion, or the fight against the pandemic. As per Goyal's words, in the Indian startup context, our entrepreneurs are using their creativity and ingenuity to tackle these challenges head-on. He cited the examples of digital public goods like Cowin, UPI and ONDC as means to tackle problems and ensure inclusive growth in India by redefining social innovation.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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