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After 2014 govt restored faith in innovation strength of youth: PM Modi PM Modi
Image credit: Press Information Bureau

After 2014 govt restored faith in innovation strength of youth: PM Modi

India Blooms News Service | @indiablooms | 14 May 2022, 01:00 am

New Delhi/IBNS: Prime Minister Narendra Modi launched the Madhya Pradesh Startup Policy during the state's Startup Conclave being held in Indore, on Friday, via video conferencing.

He also launched the Madhya Pradesh Startup portal, which will facilitate and help promote the startup ecosystem.

He also interacted with startup entrepreneurs.

Addressing the gathering, the Prime Minister said that the country's development is getting new momentum from the young energy.

"There is a feeling, that as there is a proactive startup policy, there is an equally diligent startup leadership in the country," he said.

The Prime Minister mentioned that in the short period of 8 years, the startup story of the country has undergone a massive transformation.

He recalled that in 2014 when his Government was formed, the number of startups in the country was about 300-400. Today there are about 70000 recognized startups.

He said that every 7-8 days a new unicorn is made in this country.

The Prime Minister also noted the diversity of start-ups. He said about 50% of startups are from Tier II & Tier III cities and they cover many states and cities. They are associated with more than 50 industries.

Modi said startups give solutions to real-world problems.

"Today’s startups become future MNCs," he added.

He said the concept of startup was discussed among a few people 8 years ago and has now become a part of the discussion among the common people.

Modi said that this "change is not a fluke but is a result of a well thought out strategy."

He dwelled on the story of innovative solutions in India and lamented the lack of encouragement to the momentum of the IT revolution and failure of channelling the opportunity.

"Entire one decade went wasted in the scams and chaos of those times. After 2014, the government restored faith in the innovation strength of the youth and created a conducive ecosystem," Modi alleged.

He informed about the three-pronged approach to push the sector by creating a roadmap ranging from idea to innovation to industry.

The first part of this strategy, he said, was the notion of an idea, innovation, incubation and industry. Institutions related to these processes were created and strengthened. Second, easing of Government regulations. Thirdly, change in mindset for innovation by creating a new ecosystem.

"Keeping this in mind, steps like hackathons were taken. 15 lakh talented youngsters have been involved in this hackathon movement creating an ecosystem for startups," he said.

The Prime Minister said that the launch of Start-Up India 7 years ago was a big step in turning ideas into innovation and taking them to industry. "One year later, the Atal Innovation Mission was launched with a set up of Atal Tinkering labs in schools and incubation centres in higher education institutions," he added.

"More than 10 thousand schools have the tinkering labs and more than 75 lakh students are being exposed to the atmosphere of innovation. Similarly National Education Policy also promotes innovation. Private investment is increasing in the innovation sector," said he.

He said reforms carried out in the space sector, mapping, drones, etc are opening new opportunities for the startups. "To improve the ease of bringing the products of the startups to the market, GeM portal was established," he added.

He said the startups have a major role in developing the tourism sector. Startups will also help in giving a boost to Vocal for Local. Startups can also help Tribals to bring their handicrafts and products to the market.

He said the government is giving a big push for the gaming industry and toy industry. He also noted the potential in the frontier technologies for startups. He also informed that more than 800 Indian startups are involved in the sports sector.

The Prime Minister said that “we have to provide new momentum and height to India’s success. Today India is the fastest-growing economy among the G-20 economies.”

He also said that India is the third-largest economy in the world.

"India is at the first place in terms of smartphone, data consumption and second in terms of Internet users. India is at second place in the Global Retail Index, India is the third-largest energy consumer country in the world and the world's third largest consumer market is in India.

"India has created a new record by doing merchandise exports worth 470 billion dollars this year," he said,