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Digital Innovation Alliance Aims for Global Collaboration among startups
Apr 12, 2023
New Delhi. April 12, 2023: Speaking at the G20-DIA National Roadshow, Mr Jeet Vijay, CEO of MeitY Startup Hub, informed that the Digital Innovation Alliance program under India's G20 Presidency aims to bring together the startup ecosystems of G20 nations and nine invited guest countries.
In line
with the Prime Minister's vision of a global, interconnected future, Mr Vijay
said, "The initiative will bring together the startup ecosystems of 29
countries in six sectors critical to human development: agri-tech, food
security, health-tech, fintech, cybersecurity, and circular economy."
The program
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.
On
occasion, Mr 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, Mr
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 $40 billion in March 2022 from
$14 billion in 2017. This growth has directly benefited approximately 6.4 crore
borrowers and their families, positively impacting the overall economy.
Mr
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.