Prime Minister Narendra Modi, addressing the Startup Mahakumbh on Wednesday, said India has startups across sectors and people have instead of seeking jobs become a job provider.
“The world sees the capability of Indian youth. Trusting their capabilities, we decided to fuel their aspirations. We have transformed people’s thinking; instead of being a job-seeker, the youth is now keen on becoming a job-provider,” PM Modi said in his address.
The space sector, which was once in shackles of the government, now has over 50 startups, he said. Space sector was opened to private players recently.
India today is the world’s 3rd largest startup ecosystem.
There are over 1.25 lakh registered startups which generate employment for over 12 lakh people. India has over 110 unicorns, the country’s startups have registered over 12,000 patents by far.
Stating that when the country is working on the roadmap for a developed India by 2047, he asserted that this Startup Mahakumbh has great importance.
“Over the past decades, we have seen how India has left its mark in the IT and software sector. Now we are seeing the trend of innovation and start-up culture continuously increasing in India,” PM Modi said.
Taking a jibe, at Opposition political parties, he said many people try to launch political startups but the difference between them and the original startups is the latter’s thrust for new ideas.
“Many people try to ‘launch’ startups, especially in politics, sometimes multiple times… The difference between you and them is that you’re experimental. You try new ideas after the failure of one launch,” he said.
Over the past decades, India has made huge strides in the software and IT sector.
“Today, the energy and vibe is amazing. Strolling along the (exhibition) stalls and watching your inventions, I could feel the vibe that India’s future holds many Unicorns and Decacorns. For promoting startups, India made the right decisions at the right time,” PM Modi said.
As he arrived for the event, Prime Minister Narendra Modi took a walkthrough of the exhibition section, and also spoke to some of the participants.
Further, PM Modi said ‘Startup India’ initiative provided a platform for innovative ideas, connected those to funding sources, and began ‘Tinkering Labs’ and ‘Incubating Labs’.
“All such efforts helped the youth from tier 2 and tier 3 cities to incubate their ideas. Today, we can proudly say that our startup ecosystem is not limited to mega cities. In fact, youth from small cities are pioneering the revolution in the startup ecosystem,” he added.
Sharing a personal story, he apprised the gathering on how he is using AI to translate his speech in regional languages.
His address also found mentions of India’s UPI which was widely appreciated by global leaders during the G20 Summit last summer.
“During the G20 Summit, leaders from various countries were awestruck by our UPI. UPI has strengthened our efforts for financial inclusion. It has helped India to bridge the rural-urban divide. India has democratized the use of technology. We have risen above the ‘haves and have-nots’ debate,” PM Modi said.
UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.
The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace. The share of UPI in digital payments in India has reached close to 80 per cent in 2023.
A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, Mauritius, France, UAE, and Singapore have partnered with India on emerging fintech and payment solutions.
