Prime Minister Narendra Modi on Wednesday said that India’s startup ecosystem has witnessed rapid growth, creating employment for hundreds of thousands of people and transitioning job seekers into job providers.
He was speaking during the concluding day of the Startup Mahakumbh, a three-day event that saw the participation of hundreds of start-ups, incubators, investors, and delegations from over 10 different countries.
“India is the world’s third largest startup ecosystem. There are over 1.25 lakh registered startups that generate employment for over 12 lakh people,” PM Modi said.
Reiterating the government’s vision of a developed India, or “Viksit Bharat,” by 2047, PM Modi said that events like the Startup Mahakumbh are a significant step towards realizing this vision.
“India has over 110 unicorns… Our startups have registered over 12,000 patents. I request all of you to get your patent as early as possible,” PM Modi said.
The Prime Minister praised Startup India for its role in providing financial assistance, especially to entrepreneurs from smaller cities, to set up their businesses. The initiative supports innovative ideas by facilitating funding for projects and labs.
“Startup India has given a platform to innovative ideas, connected them with sources of funding. The whole country can proudly say that our startup ecosystem is not only limited to big metro cities. It has reached over 600 districts, this means it has become a social culture,” PM Modi said.
PM Modi also highlighted the integration of advanced technologies such as Artificial Intelligence (AI) into governance, pointing out the use of AI for translating his speeches into regional languages as an example.
“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.
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 percent 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.