G20 recognises importance of inclusive decision-making to foster startups

An engagement group under G20 recognised importance of inclusive decision-making processes to foster innovation and growth in global startup community, India's Startup20 chair Vaishnav said

An engagement group under the G20 recognised the importance of inclusive and collaborative decision-making processes to foster innovation and growth in the global startup community, India's Startup20 chair Chintan Vaishnav said on Monday.

According to an official statement, the first draft of the core recommendation and policy directives of the policy communique is now available for public comment.

Chintan further stressed the significance of widespread participation in shaping policies that will directly impact the startup ecosystem on a global scale, the statement said.

The public comment period will remain open until May 27, 2023, during which the Engagement Group will closely evaluate the feedback received, the statement said, adding that the final version of the policy communique will incorporate the valuable inputs received from stakeholders across nations.

Startup20 Engagement Group is a dedicated platform within the G20 framework that focuses on facilitating dialogue, promoting innovation and fostering growth in the startup ecosystem.

Comprised of representatives from various countries, the group strives to develop and implement policies that support startups, entrepreneurs and ecosystem builders worldwide.

India assumed the presidency of G20 for one year from December 1, 2022, to November 31, 2023. The G20 Summit will be held in New Delhi on September 9-10.

The Group of Twenty (G20) is an intergovernmental forum comprising 19 countries and the European Union. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Japan, Russia, Saudi Arabia, the US and the UK are among other members.

G20 members represent around 85 per cent of the global GDP, over 75 per cent of the global trade and about two-thirds of the world population.

It was founded in 1999 after the Asian financial crisis as a forum for finance ministers and central bank governors to discuss global economic and financial issues.

The group was upgraded to the level of Heads of state/government in the wake of the global economic and financial crisis of 2007, and in 2009, was designated as the premier forum for international economic cooperation.

The G20 Summit is held annually, under the leadership of a rotating presidency.