PM Modi talked about the importance of India’s startup companies and their innovation capabilities. He said he believes in the potential of these startups and wants India to lead in global startup trends and technology in the next 10 years. Speaking at an event marking the completion of 10 years of the ‘Startup India’ initiative, he highlighted India’s progress towards becoming an innovation-driven economy.
He encouraged startups to invest in emerging technologies like Artificial Intelligence (AI) and develop solutions that address global needs. He emphasized the need for startups to focus on new ideas, problem-solving, and the development of high-quality products. PM Modi also praised the youth and startup ecosystem in India, expressing confidence in their courage, self-confidence, and innovation skills.
PM Modi stressed the importance of startups focusing more on manufacturing and research and development. He mentioned that research done today will become intellectual property in the future, which is a country’s real strength. The government has initiated several schemes to provide initial funding to startup companies and has taken steps to make doing business easier by removing outdated and irrelevant regulations.
He mentioned that India now has more than 2 lakh startup companies, compared to just four in 2014, making it the third-largest startup ecosystem in the world. He also noted that there are more than 125 active ‘unicorn’ companies in India with a valuation of a billion dollars or more, indicating the strength of the country’s innovation-based economy.
PM Modi pointed out that the pace of ‘Startup India’ is increasing rapidly, with many unicorn companies going public and increasing their participation in the capital markets. He highlighted the job creation by startups on a large scale, which is crucial for the country’s economic progress.
He also mentioned the increasing participation of women in startups, with 45% of startup firms having women directors or partners. This shows the growing involvement and leadership of women in the startup ecosystem. PM Modi appreciated the risk-taking attitude of Indian startup founders, stating that their confidence and big thinking are creating a new identity for the country.
The ‘Startup India’ campaign was launched on January 16, 2016, to promote innovation, encourage entrepreneurship, and accelerate investment-based growth. During the event, PM Modi interacted with some startup founders and learned about their products and services.