With world leaders from across the globe including US President Joe Biden, Britain’s Prime Minister Rishi Sunak, Japanese Prime Minister Fumio Kishida, Canadian Prime Minister Justin Trudeau, South Korean President Yoon Suk Yeaol, French President Emmanuel Macron, and Türkiye President Recep Tayyip Erdoğan set to attend the summit, the occasion was long anticipated. This year marked the first time that India is presiding over the summit, and the nation took full advantage of the historic opportunity.
The country has launched a Startup20 initiative under its G20 presidency, which is aimed at strengthening India’s already booming startup ecosystem.
The Startup20 engagement group invites active participation on the part of stakeholders from the global startup ecosystem, including investors, entrepreneurs, and influencers, to discuss topics such as macroeconomic concerns, challenges faced by entrepreneurs, and the path forward. According to a recent survey conducted, 75% of Indian investors have expressed optimism about the positive implications that the G20 Summit might have on the Indian startup ecosystem. It appears that, through the establishment of the Startup20 initiative, India is all set to take center stage on the global economic stage.
In this report, we discuss the potential impact of the G20 Summit on the Indian startup ecosystem and how it will benefit from India’s leadership at the event from the perspective of leaders and entrepreneurs from the industry.
Sujit Patel, MD and CEO, SCS Tech said, “India’s initiatives to encourage the adoption of Digital Public Infrastructure around the world have gotten a boost with the official acceptance of the G20 Leaders’ New Delhi Declaration. All G20 members have agreed to a voluntary and proposed structure for the creation, implementation, and governance of DPI. One of the important findings emphasizes how India has been embraced and supported as a pioneer in the development of digital public infrastructure. The US mentioned us as competent technical partners for AI, semiconductors, supercomputing, and high-performance computing. The statement summarizes our standing on the world stage and provides access to new opportunities. “
Amit Prasad, Founder MD & CEO, SatNav Group, “The Delhi Declaration Point #18 refers to MSMEs as engines of growth. We welcome the establishment of an Engagement group and hope it continues even after India leaves the Presidency of G20. In parallel, the Indian Government should further tighten the tracking of timely payment of invoices within 45 days as mandated by the MSMED Act. Large companies continue to blatantly flout this at will by finding reasons, then asking for a letter confirming waiver of obligation or simply seeking cancellation of the invoice and the raising of a fresh one.
In Section G related to related to Gender Equality and Empowering all women and girls, under clause 64 (iv) our Government has missed an opportunity to highlight specifically the path breathing initiative of making Creches mandatory under the Maternity Act 2017 which, if implemented in other countries, can be a game changer in ensuring early return to work and continuation of career prospects for women post child delivery.”
Amit Relan, Co-Founder and CEO, mFilterIt, “In accordance with the initiative to create a trusted, safe and secure digital public infrastructure, businesses need to shift their focus towards data protection. Creating a secure digital ecosystem will require the right balance of transparency and protection to ensure data efficiency. To adopt data privacy, and protect intellectual property rights, businesses need to elevate their techniques and leverage the power of AI, ML with responsibility to stay ahead of the emerging threats and become part of the movement of building a safe and secure digital economy.”
ADIF Spokesperson: “Emphasis on safe, secure, trusted, accountable, and inclusive digital public infrastructure in the G20 declaration reflects a commitment to responsible digital development. Prioritizing human rights, personal data protection, privacy, and intellectual property rights is essential in the digital age. This approach aims to balance technological advancements with ethical considerations, ensuring that digital infrastructure benefits society while respecting individual rights and fostering innovation.
Ajit Thomas, Co-founder & CMO at Cavli Wireless said, “Having already leapfrogged the western markets in terms of payments & finance digital infrastructure, It is now India’s turn to also make equally important strides in the digital infrastructure necessary to establishing smart living communities. At Cavli, we are pioneering India’s semiconductor leadership with our made in India IoT modules & cloud solutions. We look forward to working with the country’s leadership to establish an ecosystem that will enable product makers to very easily adopt & build Smart connected solutions across, not just for India, but for ‘made in India phygital products to be shipped to all around the world’ commented.”
Vicky Dodani, Founder, Agrizy said, “India, with its rich agricultural heritage, can harness the power of G20 leadership to shine a spotlight on the pressing challenges confronting the global agriculture and agri-food processing sector. With nearly half of our population dependent on farming, India understands the significance of a sustainable and resilient agri-food ecosystem. By leveraging our influence within the G20, we can champion initiatives that prioritize food security and technological innovation. This platform allows us to advocate for fair trade policies, equitable access to resources, and the empowerment of small-scale farmers and agri-food processors. Let us seize this opportunity to cultivate a future where agriculture not only feeds the world but also nourishes the planet and its people. Together, through G20 leadership, we can sow the seeds of positive change that will yield a bountiful harvest for generations to come.”
Sourabh Deorah, CEO and Co-founder of Advantage Club said, “The G20 Summit in India not only offers a monumental opportunity for our startup ecosystem but also firmly brands India as a major force in the global arena. The potential for relaxed regulations boosted investor confidence, and wider market access can accelerate the already projected remarkable growth expected in the next few years. As the world watches, it’s a pivotal moment for India’s tech and startup sector. I’m confident that this summit not only celebrates our present achievements but also cements our role in shaping the global tech narrative, presenting a golden opportunity to craft an extraordinary future.”
Anil Agarwal, CEO & Founder of InCruiter said, “The G20 summit in India is a catalyst for our startup ecosystem. It’s our moment to shine on the world stage, attracting top talent, investors, and customers. While the G20 summit in India presents a unique platform for global collaboration and economic discussions, it also offers immense opportunities for our thriving startup ecosystem. As we engage with leaders from around the world, we anticipate increased attention and investment in India’s innovative startups, particularly in sectors like technology, healthcare, and sustainability. This international spotlight will not only fuel growth but also open doors for partnerships, talent acquisition, and global expansion. We are excited about the possibilities that lie ahead and are ready to seize them with both hands.”
Anshul Khurana, Co-Founder of Entitled Solutions said, “Building in India for the World” is the next big step for the Indian startup ecosystem and the G20 summit enables an opportunity to demonstrate Indian innovation to the World firsthand. It will help attract more strategic global investment that will allow our products and services to go global and amplify economic impact.”
Anant Bengani , Director & Co-Founder of Zell Education said, “The G20 Summit in India is a unique opportunity to focus on the economic well-being of countries and foster successful partnerships between nations. The event will bring several advantages to the Indian startup ecosystem such as increased access to global markets, foreign investments, and collaboration opportunities. This Summit is going to be instrumental in driving innovation and unlocking global markets for the startup sector.”
Saurabh Arora, Founder & CEO of University Living said, “Hosting the G20 summit, India opens doors of unprecedented opportunities for its vibrant startup ecosystem. The event not only garners international visibility for Indian startups but explicitly cultivates an atmosphere of global collaboration. The influx of leaders from the world’s largest economies sparks potential foreign investment interest, injecting much-needed capital and globally tested expertise into India’s startup landscape. Centered on the ethos of entrepreneurship and digital metamorphosis, the summit transcends mere conversations and transforms into a launchpad for exchanging profound knowledge and path-breaking ideas. More than an event, the summit serves as a catalyst stirring the much-required advances in business policies. By showcasing the caliber of Indian innovation on this global stage, the G20 summit ensures an upward trajectory for Indian startups, paving the way for them to be global disruptors and industry game-changers.”
Garima Mitra, Co-Founder of Treelife said, “Thrilled to see India’s thriving startup ecosystem, boasting over 100 unicorns with a combined valuation of approximately $350 billion. The introduction of Startup20 and hosting the G20 summit provides an invaluable global platform for our startup community to voice its challenges and concerns.This initiative showcases India’s enormous potential as a preferred destination for foreign investment and could be the catalyst our ecosystem needs to emerge from the recent funding downturn, exemplified by a significant 75% drop in Q1 2023 compared to the previous year.With the world’s attention on us, we are poised for a dynamic and resilient comeback, driving innovation and growth in the years to come.”
Rohit Gupta, Co-Founder and COO, College Vidya said, “As a nation, India has been a potent source of valuable and innovative contributions to the world economy. The G20 Summit in India can be a trailblazer in providing Indian entrepreneurs and young start-ups a platform for a global exhibition of the vast repository of unique business ideas we harbour.”
