India has third highest number of startups in the world, said Union Minister G Kishan Reddy on Saturday while addressing the first Inception Meet of Startup20 in Hyderabad.

“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 further said that earlier, opening a bank account in India took 8-9 months whereas today, it’s possible within a minute using biometrics.

“For last 4 years, we do more fast payments compared to US, Europe and China,” Kant added. The Inception Meet of Startup20 which started today in Hyderabad will end on January 29.

A new Engagement Group – Startup20 – has been established as part of the G20 India Presidency. Startup20 aims to develop a global narrative for supporting startups and facilitating synergies among startups, corporations, investors, innovation agencies, and other key ecosystem stakeholders, according to an official release of Startup20 PRO.

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

As per the official statement, 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.

The Startup20 activities will span over five events. The summit event will happen 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 9 observer countries from overseas. About 80 delegates are expected. Indian delegates expected are around 100, including Incubators, Startups, Investors, and Industry Partners among others, the press release added.