Startup Mahakumb: PM Modi asks industry leaders to encourage startups

Stand-up India Startups: As many as 45 per cent of startups in India are led by women entrepreneurs, while India's startups have made investments worth Rs 20,000 crore, said Prime Minister Narendra Modi. Speaking at the “Startup Mahakumbh” event in the national capital on Wednesday,  PM Modi said Rs 1 lakh crore fund announced for research and innovation in the recent Union Interim Budget, will provide a boost to sunrise sectors. 

“India at present has startups across different sectors, from agriculture to telecommunications. The space sector, which was once predominantly in the government's control, now has over 50 startups. The world is upbeat over the capability of Indian youth. We have a firm belief and trust in the capabilities of youth, so we decided to fuel their aspirations,” said Modi.

The PM reached out to the industry captains for hand-holding startups.  "It is imminent that our industry captains work in collaboration and ensure that we have a healthy startup ecosystem. There is also a need for the industry bodies to work closely to ensure to meet growth objectives, said Modi.

Startups not limited to metros 

The PM said India has emerged as the world's third largest startup ecosystem with over 1.25 lakh startups and 110 unicorns. PM Modi said India is charting a roadmap for becoming a developed nation with the right decisions taken at the right time. 

“India is at the forefront of new-age technology. Our government has launched the National Quantum Mission, AI Mission, and National Semiconductor Mission for youth to benefit,” said PM Modi. 

India at present, is witnessing the presence of startups beyond the metro cities, said PM Modi, adding that the startup ecosystem has now become a social culture. The PM said he was keen to make India the world's third-largest economy in his third term, and reaffirmed that that startups will play a big role in India's progress.

The PM made a fervent appeal to industry bodies such as CII and FICCI for hand-holding of young startups and help these early birds in research and development. The PM referred to Artificial Intelligence (AI) as “America-India”, stating that the new generation of technology is set to decide the future of the world. Modi said during his elaborate address on AI in the US Parliament was one of his first efforts to see India and the US collaborate on AI. 

Youth as job providers

Highlighting a palpable change in people's mindset led by self-sufficiency in entrepreneurship, PM Modi said India's youth has chosen the path of being job creator rather than job seeker.

Digital data protection has been a major thrust area, said PM Modi adding that every effort is being made to ensure that startup funds percolate right down to the founders and benefit them.

“Innovation is being tried and tested aspect in India has a great scope and we have a conducive environment of research,” the PM said in a lighter vein while referring to all experiment-oriented people in India. “Hundreds of thousands of rupees have been allocated for setting up the National Innovation Mission. We aim to foster scientific temperament,” said Modi.