India has third highest number of startups, says Union Minister G Kishan Reddy

India has third highest number of startups in the world, Union Minister G Kishan Reddy said on Saturday during the first inception meet of Startup20 in Hyderabad.

"Our youth want to become job creators instead of job holders. The success of Indian startups shows the passion of our youth," Mr Reddy said.

"Startups of today are solving problems of education, health, and agricultural productivity for one billion people for India and also for the world," G20 Sherpa Amitabh Kant said at the inaugural session.

'Faster payments than US, Europe & China'

Earlier, opening a bank account in India took 8-9 months whereas today it's possible within a minute using biometrics, he pointed out. "For the last four years, we do faster payments than the US, Europe, and China," Kant said.

The inception meet of Startup20, which started today in Hyderabad, will end on January 29.

A new engagement group, Startup20, has been established. Startup20 aims to develop a global narrative for supporting startups and facilitating synergies among startups, corporations, investors, innovation agencies, and other key ecosystem stakeholders.

Harmonise global startup eco-system

The primary objective is to harmonise the global startup ecosystem through a collaborative and forward-looking approach.

The purpose of this group is to provide a common platform for startups from G20 member countries to come together to develop actionable guidance in the form of the building of enabler's capacities, identification of funding gaps, enhancement of employment opportunities, achievement of SDG targets and climate resilience, and growth of an inclusive ecosystem, according to an official statement.

What is Startup20?

The Startup20 activities will span five events. The summit will take place in July 2023 in Gurugram with three intervening events that have been planned in different parts of India.

The participating countries include the G20 countries as well as nine observer countries from overseas. About 80 delegates are expected. Indian delegates expected are around 100, including incubators, startups, investors, and industry partners, according to the statement. (With ANI inputs)