Innovation, Startup-Culture Trend Accelerating In India: PM Modi

India is emerging as the new centre for startups because the government took the right decisions at the right time, Prime Minister Narendra Modi said on Wednesday.

"Innovation and startup-culture trends are on the rise in our country," he said. "Startup Mahakumbh has a big role to play, it showcases innovations like never before."

The event has both young and future entrepreneurs. It is important for the young growing Indian economy, Modi said in his address at the 'Startup Mahakumbh' in New Delhi. The event is a forum which brings together stakeholders from the world of startups, innovators and upcoming entrepreneurs.

"The reason why India is emerging as the new centre for startups is because we took the right decisions at the right time," he said. "The youth of the country has helped us reach the fifth-largest economy. I promise to make India the third-largest economy."

The prime minister said events like hackathons and various events organised by the government helped in the growth of the startups in the country. "They connected the innovators to the investors. It gave the innovators from tier 2, tier 3 cities to incubate their ideas as well," he said.

Modi said India became the third-largest ecosystem for startups. "We have nearly 1.25 lakh registered startups in the country. We have more than 110 unicorns. Indian startups have filed for over 12,000 patents so far."

He urged all the innovators to apply for patents first or along with their startup business.

Startups have conducted business for over Rs 20,000 crore in the Government e-Marketplace so far. The young entrepreneurs have become job makers from being job seekers, according to the prime minister.

Modi said Indian startups were doing a great job in the space sector and many were already launching space shuttles. "I saw some great innovations in different sectors — agriculture, yoga and space. It is good to know that young Indians are dreaming to be an innovator, along with being a doctor or engineer," he said.

Digitisation has helped in the growth of both the rural and urban economy, he said. "Indian startups are able to perform with minimum needs, it is the real strength of our ecosystem."

"More than 45% of the startups are being led by women in our country. Our daughters are leading our country via cutting-edge technology," he said, highlighting how the startups were also driving women empowerment.

Modi also asserted that India would have an upper hand on artificial intelligence.