Digital Innovation Alliance programme under India’s G20 Presidency aims to bring together the startup ecosystems of G20 nations and nine invited guest countries, Jeet Vijay, CEO of MeitY Startup Hub, informed while speaking at the G20-DIA National Roadshow in New Delhi on Wednesday.
“The initiative will bring together the startup ecosystems of 29 countries in six sectors critical to human development: agritech, food security, health-tech, fintech, cybersecurity, and circular economy, the official said.
The programme will offer virtual accelerator mentorship, funding support, and investor pitching opportunities to the selected startups. It will culminate in a multi-day event in Bangalore, where participants will have access to global investors, corporates, and government officials for potential funding, strategic alliances, and pilot projects.
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On occasion, HK Mittal, Chairman of the Startup India Seed Fund Committee, discussed the evolution of India’s digital revolution, highlighting key moments in the nation’s history that have led to its current status as a leading player in the digital ecosystem. Mittal also highlighted the Startup India Seed Fund, which operates entirely on a digital platform. The fund provides startups with up to 20 lakh rupees as a grant and up to 50 lakh rupees as an investment, using various financial instruments. This initiative has helped startups in India grow exponentially, even during the challenging times of the COVID-19 pandemic.
FIA Global’s CFO, Madhusudhan Gupta, addressed the importance of financial inclusion in India and its economic impact. He emphasised the need for accessibility to banking services and credit availability, especially for the lowest strata of society. Gupta also acknowledged the role of microfinance institutions in promoting financial inclusion. He shared that the microfinance sector significantly grew over the past five years, with exposure in India reaching US$40 billion in March 2022 from US$14 billion in 2017. This growth has directly benefited approximately 6.4 crore borrowers and their families, positively impacting the overall economy.
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Biplabketan Paul, Director, Naireeta Services, spoke about the power of digital innovation in helping ultra-poor farmers achieve a drought-free India. His company is dedicated to enabling farmers to repurpose floodwater and combat droughts using innovative technologies. Naireeta Services has expanded its reach to 18 states in India and eight countries globally, with plans to enter 12 more countries soon. By making their technology open-source and incorporating it into the cloud, they aim to make it accessible to anyone, regardless of their knowledge of engineering or other technical fields.
The Digital Innovation Alliance aims to celebrate, recognise, and accelerate an inclusive startup ecosystem, fostering global collaboration and sharing opportunities. FICCI, jointly with the Meity Startup Hub and the Digital Innovation Alliance, organised the G20-DIA National Roadshow.