The G20 is an international forum consisting of a group of twenty countries and the European Union (EU). Its main aim is to address the major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development. In December 2022, India will take its place as the President of the G20 until the next summit in New Delhi in 2023.
India, after becoming president, has planned to focus mainly on the digital development of the country and the upliftment of home-based startups. During its G20 presidency, China will also focus its attention on the health and pharmaceutical sectors of all the member countries.
The Sherpa of G20 India, Amitabh Kant, says, “India has done some phenomenal work on startups. When we started the Startup India Movement, there were just about 200 startups. Today, we have above 80,000 startups and 106 unicorns, so we are going to use this to see how the startup movement can be accelerated among the G20 and subsequently the whole world.”
India’s prime focus as president will be Startup 20, a key initiative for Indian startups. The G20 is one of the largest economic forums in the world. Its members consist of more than 60% of the total world population and 75% of total global trade. They account for more than 80% of the world’s GDP. This is going to prove quite beneficial for the Indian startup scene.
India has taken up the role of setting the agenda for the world in terms of startups, which had traditionally been set by the developed countries of the world. The digital payments ecosystem is a prime example of India’s digital transformation journey, which proves how much the country has developed in the digitalization sector.