India has third highest number of startups in the world: Union Minister G Kishan Reddy

28 January, 2023 | Pragati Singh

Union Minister G Kishan Reddy National

"Our youths want to become job creators instead of job holders. The success of Indian startups shows our youths' passion," G Kishan Reddy said.

Union Minister G Kishan Reddy stated on Saturday at the maiden Inception Meet of Startup20 in Hyderabad that India has the world’s third greatest number of startups. “Our youths want to become job creators instead of job holders. The success of Indian startups shows our youths’ passion,” G Kishan Reddy said. Amitabh Kant, G20 Sherpa at the inaugural session said, “Startups of today are solving problems of education, health, agricultural productivity etc for one billion people for India and also for the world”

Kant went on to say that creating a bank account in India used to take 8-9 months, but now it can be done in a minute using fingerprints. “For last 4 years, we do more fast payments compared to US, Europe and China,” Kant added.

The Startup20 Inception Meet, which began today in Hyderabad, will conclude on January 29. As part of the G20 India Presidency, a new Engagement Group called Startup20 has been formed. According to an official release of Startup20 PRO, Startup20 intends to establish a worldwide narrative for supporting startups and promoting synergies among startups, businesses, investors, innovation agencies, and other important ecosystem stakeholders.

The main goal is to unify the global startup ecosystem through a collaborative and forward-thinking approach. According to the official statement, the goal of this group is to provide a common platform for startups from G20 member countries to collaborate on developing actionable guidance in the form of building enabler capacities, identifying funding gaps, increasing employment opportunities, achieving SDG targets and climate resilience, and growing an inclusive ecosystem.

The Startup20 activities will be spread among five events. The summit event will take place in Gurugram in July 2023, with three intervening events scheduled in various areas of India.

The G20 countries are among those taking part, as are nine international observers. A total of 80 delegates are expected. According to the press release, over 100 Indian delegates are expected, including Incubators, Startups, Investors, and Industry Partners, among others.