Acknowledging startups’ role in the growth of Indian economy, PM Modi said that innovation and startups will play a crucial role as India has targeted to become a $5 trillion economy.
Stressing on the significance of Indian startups in solving complex problems for India and the world, Prime Minister Narendra Modi on Monday said that India would like to create solutions for problems not just in India but the entire world, particularly for the poor nations by encouraging innovation and incubation. Speaking at a hackathon event at IIT Chennai, Modi urged students to find easy solutions for global problems. “We are encouraging innovation and incubation for two big reasons, one is – we want easy solutions to solve India’s problems, to make life easier. And another, we, in India want to find solutions for the whole world,” PM Modi said.
Acknowledging startups’ role in the growth of Indian economy, PM Modi said that innovation and startups will play a crucial role as India has targeted to become a $5 trillion economy. India is the third-largest startup ecosystem globally after the US and the UK in terms of the number of technology startups even as India also has a growing number of unicorns (startups’ private market valuation of $1 billion or above) even as countries like the US and China are way ahead of India.
PM Modi said that the government has given strong emphasis to boost innovation and incubation during the last five years even as the programmes like Atal Innovation Mission, PM Research Fellowships, Startup India mission are the “foundation of 21st century India, an India that promotes a culture of innovation.”
The focus is now on enabling students right from 6th grade onwards to engage with new technologies including machine learning, artificial intelligence, blockchain while “from school to research in higher education, an ecosystem is being created that becomes a medium for innovation,” Modi said.
The Indian startup ecosystem is led by unicorns including OYO, Paytm, Zomato, Byju’s, Ola, Udaan, Freshworks, InMobi, Swiggy, etc., while the majority backers to these companies have been SoftBank, Alibaba, Tencent, Sequoia, Tiger Global, DST Global etc.