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Startup Ecosystem To Propel Bharat Towards Global Prominence: Prime Minister Modi

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Calling Youth Aspirations are Bharat’s Aspirations, PM predicts startups will play a key role in making Bharat the 3rd largest global ecosystem.

Delhi, March 20, 2024: In a momentous gathering of India’s burgeoning startup enablers at the Startup Mahakumbh event in Delhi, Prime Minister Narendra Modi said he can foresee startups playing a key role in making Bharat the third-largest economy in the world.

The Prime Minister delivered a speech to a diverse audience comprising startup founders, incubators, academia, investors, researchers, industry experts, and innovators at the Bharat Mandapam, marking the conclusion of the three-day Startup Maha Khaumbh event, which was held from March 18 to March 20.

The prime minister began his address by reflecting on the essence of startup founders and the unique characteristics that set them apart from traditional businesses. He underscored the necessity of entrepreneurial spirit and resilience in navigating uncertainties, pointing to the ongoing Startup Mahakumbh event as evidence of fostering such spirit, even amidst electoral processes.

Modi emphasized that the aspirations of the youth are aligned with the aspirations of Bharat, which have propelled the nation from the 11th to the 5th largest economy. He underscored the significant role played by the youth in India’s economic ascent to the 5th position.

Describing the event as a “Mahakumbh” or grand congregation, the Prime Minister lauded the vibrant energy and enthusiasm palpable among participants. He commended the display of groundbreaking innovations showcased at the event, likening the experience to encountering unicorns and decacorns in the making.

Prioritizing the cultivation of innovation and entrepreneurship will chart Bharat’s trajectory towards 2047, with startups playing a pivotal role in propelling India to become the world’s 3rd largest economy during PM Modi’s third term. PM Modi said that to achieve this vision, Mahakumbh should generate actionable points to guide this endeavor.

The Prime Minister highlighted India’s emergence as a global startup hub and credited the government’s proactive measures in nurturing the startup ecosystem. He acknowledged the initial challenges faced but expressed pride in the substantial progress achieved, attributing it to the collective efforts of entrepreneurs and policymakers.

Bharat made timely decisions to bolster the startup ecosystem by establishing facilities, from elementary tinkering labs in schools to advanced incubators in universities, supported by financial backing. The Prime Minister emphasized that these startup facilities are not confined to metropolitan areas but have been extended to tier-2 and tier-3 towns, nurturing ideas for youth from smaller localities. This initiative has expanded to over 600 districts, transforming startups into a social culture and ensuring their unstoppable progression toward greater achievements. He underscored the democratization of technology, citing examples from diverse sectors such as agriculture, textiles, yoga, and healthcare, where startups are driving innovation.

The Prime Minister touched upon India’s prowess in emerging technologies and underscored the nation’s leadership role in the AI and semiconductor sectors. “We are entering the AI tech era, and the world has accepted that India will lead this era. We should grab this opportunity,” said the Prime Minister. At the G20 Summit Delhi declaration last year, startups were labeled as the “Natural Engine of Growth,” symbolizing Bharat’s recognition of the pivotal role startups shall play in global advancement and prosperity.

India boasts the world’s third-largest startup ecosystem, housing over 125,000 DIPP-registered startups. This ecosystem directly influences 12 lakh youth and encompasses over 110 unicorns, with more than 12,000 patents filed. Notably, women founders spearhead over 45% of these startups. The Prime Minister stressed the importance of leveraging indigenous solutions for global applications and remarked that the world’s better future is linked to youth capabilities. He urged youth to harness the potential of AI and technology for societal benefit.

The Prime Minister encouraged industry bodies and MSMEs to engage in hackathons to discover solutions with the assistance of students and entrepreneurs. He underscored that this approach would serve dual purposes: MSMEs would identify solutions, and students would gain insight into areas where they can contribute to problem-solving.

The Prime Minister highlighted that the launch of the GeM portal has facilitated 20,000 crores of business for startups. The youth have produced this remarkable business turnover, and the government has provided the platform.

The Prime Minister stated that innovations proven successful in India’s diverse landscape will thrive globally. He emphasized that Indian diversity ensures that if an innovation succeeds in India, it holds the potential for success anywhere in the world. To encourage research work, the government has earmarked one lakh crores in the interim budget to support research in the sunrise tech sector.

In a call to action, the Prime Minister urged successful founders to embrace mentorship roles and foster a culture of supporting new and unique ideas. He highlighted the government’s commitment to addressing challenges through initiatives like hackathons, emphasizing the importance of collaborative problem-solving.

In conclusion, the Prime Minister reiterated his vision for India’s startup ecosystem to ascend to global prominence, with startups playing a pivotal role in driving economic growth and fostering innovation. As India charts its course towards 2047, the Prime Minister expressed confidence in the entrepreneurial spirit of the nation’s youth to propel India to greater heights on the global stage

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