The G20 (or G-20 or Group of Twenty) is an international forum for the governments and central bank governors from 20 major economies. Currently, these are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States, and the European Union. Founded in 1999, the G20 aims to discuss policy issues pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization. The G20 heads of government or heads of state have periodically conferred at summits since their initial meeting in 2008, and the group also hosts separate meetings of finance ministers and foreign ministers due to the expansion of its agenda in recent years.
The countries participating in the G20 Summit have praised the Indian government for its efforts in the areas of startup funding, ease of doing business and labour reforms. The acknowledgment was made during the 2017 G20 Hamburg summit in Germany that was held from July 7-July 8, 2017. The meeting was attended by PM Narendra Modi along with a few of his officials.
The G20 summit has adopted the Hamburg Action Plan, which sets out “the group’s strategy for achieving strong, sustainable, balanced and inclusive growth.” The member countries of the G20 group noted in the Hamburg Action Plan that “in the financial sector, India is popularising a number of derivative instruments in exchanges or electronic trading platforms as part of measures to enhance the resilience of its economy.”
The G20 countries also praised India for promoting inclusive growth in the country. This development comes after the increased efforts of the Indian government to provide security to workers and increase female percentage in the work force under the labour reforms. As stated in the Hamburg Action Plan, India is facilitating external commercial borrowings (ECBs) by startups, thereby promoting ease of doing business in the country and encouraging innovation.
By launching movements like ‘Startup India, Stand Up India’, the Indian government has created a number of initiatives to support startups in all possible ways including but not limited to finances, mentoring, tax reforms, patent protection, reforms & guidelines and tax exemptions.