Startup Mahakumbh: India has third-largest startup ecosystem in the world, says PM Modi
Upstox
2 min read • Updated: March 20, 2024, 4:12 PM
Summary
Addressing the Startup Mahakumbh event, PM Modi said small cities are leading the startup revolution in various sectors such as agriculture, medicine, transport, textiles, space, yoga and ayurveda. He praised the youth for getting into new areas.
Prime Minister Narendra Modi on Wednesday said that India has the third-largest startup ecosystem in the world, with 1.25 lakh startups generating employment for 12 lakh people.
Addressing the Startup Mahakumbh event at Bharat Mandapam in New Delhi, PM Modi noted that India has made huge strides in the software and information technology (IT) sectors in the last few decades.
‘Our startup ecosystem is not limited to megacities’
He said that small cities are leading the startup revolution in various sectors such as agriculture, medicine, transport, textiles, space, yoga and ayurveda.
"Startup India initiative provided a platform for innovative ideas, connected those to funding sources, and began 'Tinkering Labs' and 'Incubating Labs'. All such efforts helped the youth from Tier 2 and Tier 3 cities to incubate their ideas. Today, we can proudly say that our startup ecosystem is not limited to megacities. Youth from small cities are pioneering the revolution in the startup ecosystem," the Prime Minister said at the event.
Elaborating on space startups, he said that Indian startups are working in more than 50 areas in the space sector.
On the Unified Payment Interface (UPI), PM Modi said world leaders were awestruck by the indigenous payment mode. "UPI has strengthened our efforts for financial inclusion. It has helped India to bridge the rural-urban divide. India has democratised the use of technology. We have risen above the 'haves and have-nots' debate," he said.
Additionally, he stressed the contributions of the youth in making India the fifth-largest economy in the world from 11th position in 2014.
What is Startup Mahakumbh?
Startup Mahakumbh is a first-of-its-kind event showcasing the country's startup ecosystem.
The government said the event, designed to foster innovation and entrepreneurship across the country, will further develop emerging sectors like DeepTech, BioTech, AgriTech, MedTech, Gaming and AI.
It is jointly organised by ASSOCHAM, NASSCOM, Bootstrap Incubation & Advisory Foundation, TiE and the Indian Venture and Alternate Capital Association (IVCA).