New Delhi, Oct 11 (KNN) Startups in India and elsewhere have already been hit hard by the pandemic and are now going to be impacted further by the rising interest rate scenario when liquidity is unlikely to be easily available to them.

To address such issues, India has proposed a new group at the G-20 level for startup, Financial Express reported citing a government official.

India’s start-up ecosystem has emerged as the third largest eco-system, with over 75,000 startups and about 100 unicorns. India who will assume the presidency of the G-20 grouping in December, aims to utilise this platform for further promotion of Indian startup ecosystem.

Speaking at the B20 Indonesia Global Dialogue organised by the Confederation of Indian Industry (CII) Anurag Jain, secretary in the department for the promotion of industry and internal trade (DPIIT),  said the G-20 grouping should work towards creating and adopting guiding principles for open source and inter-operable platforms and firm up standards to promote inclusive digitisation across the world.

Highlighting India’s success in harnessing technology to create platforms like the UPI and Aadhaar, Jain said knowledge, innovation, and sustainability have emerged as the drivers of economic growth in the modern age. Even the CoWIN platform has helped transform the country’s Covid vaccination drive.

While addressing the event, India’s G-20 Sherpa Amitabh Kant called on the forum to drive economic growth and talk about sustainable growth for all, and not just a few.

The developed world hasn’t honoured its commitment with regard to providing climate finance, Kant said, as he called on the advanced nations to do more to match their pledges. The G-20 Sherpa also called for long-pending reforms in multilateral institutions like the World Bank and the International Monetary Fund.  (KNN Bureau)