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New Delhi
Tuesday 28 January 2020

Modi: India world’s 3rd largest start-up ecosystem

The prime minister said at the FII conference in Riyadh that investing in India was going to prove the most beneficial for investors around the world

Prime Minister Narendra Modi on Tuesday attended Saudi Arabia’s annual financial conference Future Investment Initiative (FII). The prime minister said on the occasion that India-Saudi Arabia relations are thousands of years old. In his speech, PM emphasised the development of technology. He said that for the development of technology, India has emphasized on startups, research and development and innovation at the school level. “Today India has become the third-largest start-up ecosystem in the world,” he said.

Indian startups are contributing to medical, tourism, food and all fields, Modi said, appealing to the investors of Saudi Arabia to invest in India’s startups. Modi said that India was going to become an economy of $ 5 trillion soon and “we have set a target of investing $ 7 billion for infrastructure”.

The prime minister shared information about programmes like ‘One Nation One Power Grid’, ‘One Nation One Gas Grid’ and ‘One Nation One Mobility Card’ here. He said that investing in India was going to prove the most beneficial for investors around the world.

Modi said that in India, the number of unicorns (privately held startup companies valued at over $1 billion) is continuously increasing. He said, “We should emphasize the development of infrastructure. We are committed to providing a business-friendly government. Today many of our startups are going global.”

The prime minister said, “Today I want to talk to you about two big trends affecting global business.” Modi said that today India was consistently doing better in the global ranking. “We have achieved a rank of 10 in the logistics performance index. Also, there has been an improvement of 24 points in the global innovation index. In the World Bank’s business index in 2014, we were at number 142 and, in 2019, we have ranked 63.”

Modi said, “We have prepared a comprehensive vision to develop skills in India. Through the Skill India initiative, we will train 400 million people in various skills over the next three or four years. Companies investing in India will definitely get skilled manpower from this.”

The prime minister said that India’s Skilled Human Resource had received respect and prestige all over the world. “Indian talent has made its mark in Saudi Arabia as a disciplined, law-abiding, hard-working and skilled workforce. The tax structure of India is being compared with the best tax structure of the world today. We have abolished over 1500 old laws. Three hundred fifty million people are connected to the bank.”

Modi said that direct benefit transfer had saved $ 20 billion. Ayushman Bharat, the world’s largest healthcare programme, has started, he informed the Saudi forum. “Many reforms have been carried out in the last five years. FDI investment of $ 286 billion was made in India,” he said.

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