Bombay Tribune, New Delhi: Prime Minister Narendra Modi, addressing the Startup Mahakumbh on Wednesday, highlighted the remarkable shift in India’s youth, who are now emerging as job providers rather than job seekers.
“The world recognizes the potential of Indian youth. In trusting their abilities, we have chosen to nurture their aspirations. We’ve witnessed a transformation in mindset; the youth are no longer content with seeking jobs but are eager to create opportunities,” PM Modi remarked during his address.
He pointed out the significant developments in the space sector, once constrained by governmental regulations, which now boasts over 50 startups following recent liberalization. India currently stands as the world’s third-largest startup ecosystem, with over 1.25 lakh registered startups employing more than 12 lakh individuals. Notably, the country boasts over 110 unicorns and has secured over 12,000 patents through its startups.
PM Modi underlined the importance of the Startup Mahakumbh in shaping India’s trajectory towards becoming a developed nation by 2047. He celebrated the surge in innovation and the burgeoning startup culture across various sectors, paralleling the success seen in the IT and software domains over past decades.
In a light-hearted remark directed at political opponents, PM Modi drew a distinction between genuine startups driven by novel ideas and those attempting to establish themselves in the political arena, emphasizing the experimental nature of genuine startups.
“India’s journey in the software and IT sector has been remarkable. The enthusiasm and dynamism displayed here today are palpable. Walking through the exhibition stalls and witnessing your innovations, one can sense the potential for numerous Unicorns and Decacorns in India’s future,” PM Modi enthused.
Reflecting on initiatives like ‘Startup India,’ PM Modi emphasized their role in providing platforms for innovative ideas, facilitating connections with funding sources, and establishing Tinkering Labs and Incubating Labs. He highlighted the inclusive nature of these efforts, enabling youth from tier 2 and tier 3 cities to incubate their ideas and spearhead the startup revolution.
PM Modi also shared a personal anecdote, illustrating how AI is employed to translate his speeches into regional languages, showcasing India’s embrace of technological advancements.
He further lauded the success of India’s UPI, which garnered praise from global leaders during the G20 Summit for its role in enhancing financial inclusion and bridging rural-urban divides. PM Modi emphasized India’s commitment to sharing such advancements with other nations, with countries like Sri Lanka, Mauritius, France, UAE, and Singapore already partnering with India on fintech and payment solutions.
The UPI, a mobile-based fast payment system, has witnessed rapid adoption in India, accounting for close to 80 per cent of digital payments in 2023. The Indian government’s efforts aim to ensure that the benefits of UPI extend beyond national borders, benefiting other countries as well.
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