PM Modi: Indian Start-Ups Key to Making India Third-Largest Economy
Prime Minister Narendra Modi emphasized that India has democratized technology, making the 'haves and have-nots' theory irrelevant in the country. He highlighted the widespread financial inclusion facilitated by UPI, which is utilized for transactions even in rural areas. Speaking at the Startup Mahakumbh event, Modi encouraged accomplished founders to guide aspiring innovators. He further urged MSMEs and industry organizations to pinpoint manufacturing and supply chain issues and organize hackathons, fostering both solutions for current challenges and inspiration for future startups.
Stating that India is the third-largest start-up ecosystem in the world, he said, “This has been possible due to well-thought-out policies. India took the right decision at the right time, Under India’s start-up Abhiyaan initiative, innovative ideas got a platform. The country has also been focusing on establishing incubators for start-ups at educational institutes”.
He highlighted that India currently boasts a thriving ecosystem of 115,000 registered startups, including 110 unicorns. Notably, almost 45 percent of these startups are led by women. Additionally, he mentioned that approximately 1.2 million youths are engaged with these startups, resulting in the filing of 12,000 patents. In fact, he urged founders to actively pursue patents for their innovative creations.
Noting that even youth in tier-2 and tier-3 regions have got an opportunity to incubate their ideas, Modi added, ”The country can say with pride that the start-up ecosystem is not limited to big cities but is spread across 600 districts in the country. This indicates that establishing start-ups have become a social culture”. He said that currently, start-ups have emerged in a diverse set of fields including agriculture, education, finance, ayurveda, yoga and space.
He highlighted that initiatives like Digital India and UPI have spurred the growth of startups in technology and finance. Additionally, he noted that the government's procurement platform, GeM, has provided startup ventures with opportunities to conduct business exceeding Rs 20,000 crore. Observing the bridging of the 'urban-rural divide' by UPI, he emphasized India's democratization of technology, rendering the theory of haves and have-nots irrelevant in the country.
Discussing the rise of AI, he expressed confidence that India will hold a significant advantage in the field. He detailed his utilization of AI in his election campaign to connect with voters in diverse languages like Tamil and Telugu. Furthermore, Modi highlighted the potential opportunities for young innovators through initiatives such as the National Quantum Mission and India's Semi-Conductor Mission. He also referenced the allocation of Rs 1 lakh crore announced in the interim budget as a significant step towards this goal.
“We have become the fifth-largest economy and the youth have contributed immensely. In my third term, India will become the third-largest economy and I firmly believe start-ups will play a significant role in achieving this goal”, Modi added.