Monday 27 June 2022
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Modi hails startups as ‘backbone of new India’

'Five years ago, there were less than 500 startups; today there are nearly 60,000,' Prime Minister Modi said, seeking pride in the country's business innovators

Prime Minister Narendra Modi today interacted with more than 150 startups via video-conferencing and described them as the “backbone” of his vision of new India. The startups, which were divided into six working groups, gave a presentation to the prime minister on these points:

  • nudging the DNA
  • from local to global
  • technology of future
  • building champions in
  • sustainable development

Prime Minister Modi announced that 16 January would be celebrated every year as National Startup Day.

The startup executives who spoke during the presentations shared their ideas and inputs on areas such as robust data collection mechanisms in agriculture, making India the preferred agribusiness hub, boosting healthcare through the use of technology, tackling issues of mental health, promoting travel and tourism through innovations like virtual tours, ed-tech and job identification, among others.

With a total of 90 unicorns, India is the third-largest unicorn hub behind the US, which has 487 such entities and China with 301

Making tomorrow a special day, Modi said it would “take the startup culture to the far-flung areas of the country”.

The prime minister listed three aspects of the government’s efforts to promote startups: “first, to liberate entrepreneurship, innovation from the web of government processes, and bureaucratic silos; second, creating an institutional mechanism to promote innovation; third, handholding of young innovators and young enterprises”.

“Our startups are changing the rules of the game. That’s why I believe startups are going to be the backbone of new India,” the prime minister said.

“Last year, 42 unicorns came up in the country. These companies worth thousands of crores of rupees are the hallmark of self-reliant and self-confident India,” the prime minister underlined.

“Today India is rapidly moving towards hitting the century of the unicorns. I believe the golden era of India’s startups is starting now,” Modi said.

The prime minister mentioned that currently there is at least one startup in each of the 625 districts of the country and more than half of the startups are from Tier II and Tier III cities. “These are converting ideas from ordinary poor families into businesses and lakhs of young Indians are getting employment,” the premier said.

Modi said the startups should aim at reaching out to the global market as well. “Don’t just keep your dreams local, make them global. Remember this mantra- let’s Innovate for India, innovate from India,” he told the innovators.

The prime minister, while suggesting areas where startups can play a major role, listed the electric vehicle charging infrastructure, defence manufacturing, chip manufacturing, urban planning and drone sector, among others. “‘From rural economy to Industry 4.0, both our needs and our potential are limitless. Investment on research and development related to future technology is the priority of the government today,” the prime minister said.

Modi noted that half of the country’s population is online, and therefore startups should also focus on villages. “Whether it is mobile internet, broadband connectivity or physical connectivity, aspirations of villages are rising and rural and semi-urban areas are waiting for a new wave of expansion,” he said.

Assuring the startups of full government support, Modi concluded the interaction by stating: “I am standing with you, the government is with you and the entire country is standing with you.”

The prime minister’s interaction with startup executives assumes significance, as the startups are considered to be a key constituent of the economy. Indian startups raised $ 42 billion in 2021, up from $ 11.5 billion in the previous year.

Some of the top startups in the country are ShareChat, Cred, Meesho, Nazara, Moglix, MPL, Grofers (now Blinkit), upGrad, Mamaearth, GlobalBees, Acko, Spinny and others.

With a total of 90 unicorns, India is the third-largest unicorn hub behind the US, which has 487 such entities and China with 301.

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