Union Minister for Commerce and Industry Piyush Goyal on Saturday called for the creation of an international network of mentors, investors and entrepreneurs to strengthen the global startup ecosystem.

He said that this network must support and inspire startups, act as a team to facilitate the exchange of ideas, best practices and funding mechanisms and promote collaborations in R & D.

He was addressing the inaugural session of the Inception Meeting of the Startup 20 Engagement Group of G20 in Hyderabad.

He observed that it was not merely the role of individual nations to support innovation but was the collective responsibility of all nations to nurture a global effort to incubate startup ecosystems in all parts of the world, thus creating a global startup ecosystem that was inclusive, supportive and sustainable to address global challenges.

Goyal said that India was proud to highlight the progress and potential of the global startup ecosystem as the host nation of G20. He noted that the Startup20 Group had been established under India’s G20 presidency for the first time, as part of India’s special focus on innovation.

He was confident that innovation would be the strongest pillar that would help build a developed India in Amritkaal. He said that innovation has been a catalytic force for the economy and social and public good. “Innovation in today’s world goes beyond achieving mere economic objectives as it also considers societal inclusion and environment sustainability,” he said.

Goyal observed that India had begun its startup journey with the foundation stone laid by Prime Minister Narendra Modi in 2016 with the launch of the Startup India Initiative. He said that in the last seven years, it had helped in fostering entrepreneurship and promoting newer and newer ideas, helping startups grow and flourish by creating an ecosystem that was conducive to growth.

He added that the capabilities of Indian startups in different areas helped the country face a number of challenges, be it energy, financial inclusion, or the fight against the pandemic.

Goyal noted the world was facing a multitude of global challenges, from climate change to poverty and inequality. He expressed his firm belief that innovation could lead the way in solving these problems.