Innovation, start-ups crucial for India to become $5 trillion economy: PM Modi

By: |
Updated: October 1, 2019 7:07:26 AM

This initiative brings together government departments, people associated with industry and all the premier institutes.

Pointing out that hackathons like this are great for youngsters where participants get access to state-of-the-art technology for the solution of global problems, Modi said that participants can test their ideas and innovative skills.

Innovation and start-ups will play a crucial role for India to become a $5-trillion economy by 2024, said Prime minister Narendra Modi. He said India is already among the top three start-up-friendly ecosystems and during the last five years, the government had given great emphasis to encourage innovation and incubation.

Speaking at the Singapore–India Hackathon Event at IIT Madras, Modi said programmes like Atal Innovation Mission, PM Research Fellowships and Start-up India Abhiyan are the foundation for 21st century India. “ We are now trying to give exposure to modern technology like Machine Learning, Artificial Intelligence and Blockchain to our students as early as in the 6th grade. From school to research in higher education, an ecosystem is being created that becomes a medium for innovation,” he said.

According to him, the government has been encouraging innovation and incubation for two reasons. “One, we want easy solutions to solve India’s problems to make life easier. And the other, we in India want to find solutions for the whole world. Indian solutions for global application – this is our goal and our commitment,” Modi said.

Pointing out that hackathons like this are great for youngsters where participants get access to state-of-the-art technology for the solution of global problems, Modi said that participants can test their ideas and innovative skills. “I firmly believe the solutions found in today’s hackathon are the start-up ideas for tomorrow. We in India have been doing the Smart India Hackathon for the last few years. This initiative brings together government departments, people associated with industry and all the premier institutes. We incubate, fund and handhold solutions from the Smart India hackathon and try converting them into start-ups,” he said.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Gold import soars, but crude oil saves the day for India’s current account deficit
2Nationwide strike: 10 central trade unions to go on strike on this demand
3Core sector under pressure: Eight core industries output falls in August