New Delhi: Prime Minister Narendra Modi said on Friday that India has complete faith in the innovative capabilities and confidence of its startup companies, and that the country should lead the world in startup trends and technology in the coming decade.
Prime Minister Modi said that the country that stays ahead in the field of artificial intelligence (AI) will also gain a competitive edge.
Speaking at an event marking a decade of the ‘Startup India’ initiative, the Prime Minister urged startup founders and entrepreneurs to work on new ideas, find solutions to problems, and develop quality products. He said, “Our goal should be that in the next 10 years, India leads the world in new startup trends and technology.” He added that he has complete faith in the courage, confidence, and innovation of the country’s startup ecosystem and entrepreneurs, and that India’s future is rapidly taking shape.
The Prime Minister emphasized that it is now time for startup firms to focus more on manufacturing and research. Today’s research becomes tomorrow’s intellectual property.
He said that several schemes have been launched to provide initial capital to startup companies, and old and irrelevant rules have also been removed. Referring to the success of India’s startup ecosystem, Modi said that while there were only four startups in the country in 2014, today that number has grown to over two lakh.
He said that India has become the world’s third-largest startup ecosystem, and the country has more than 125 active ‘unicorn’ companies with a valuation of one billion dollars or more. The Prime Minister said that the pace of ‘Startup India’ is constantly accelerating. Many unicorn companies are now launching their initial public offerings (IPOs) and creating employment on a large scale. He said that young people from small and medium-sized cities, as well as rural areas, are also starting startups, which reflects the expansion of entrepreneurship in the country. Referring to the increasing participation of women in entrepreneurship, Modi said that today, women are directors or partners in 45 percent of startup firms. He said that while risk-taking was previously discouraged, it has now become commonplace, and the confidence and ambition of Indian startup founders are becoming the country’s new identity. The ‘Startup India’ campaign was launched on January 16, 2016, with the aim of promoting innovation, encouraging entrepreneurship, and accelerating investment-led growth. The intention was to transform India from a nation of job seekers into a nation of job creators. On this occasion, Prime Minister Modi also interacted with the founders of some startups and learned about their products and services.
