G20 nations to finalise a common definition for startups?

In a major move to create a startup ecosystem in the world, G20 nations are working towards agreeing on a common definition for start-ups by July this year.

“We are going to collaboratively define startups uniformly across G20 countries. We have already had discussions on this twice. By the third meeting, it should be finalised,” a senior government official said.

“All countries are putting in their suggestions. It will be a single communique that will be agreed upon by everyone,” the official said, adding that a single start-up definition will have a positive impact on policymaking.

India has emerged as the third largest start-up ecosystem in the world, after the United States and China but there is no record of the total number of new-age companies in India beyond the government recognised startups.

The report further added that the move will collaborate with large corporations across nations and provide a next dimension of growth for startups and also expedite some of the key global issues.