“There are many domains coming up which will help economic security and domestic autonomy, like AI,” Modi said while addressing the National Startup Day event in New Delhi. “The country which leads the AI revolution will be advantageous. India’s startups have to take up this challenge.”
Beyond the digital frontier, the PM emphasised the need for a stronger production base, stating that now is the time for “our startups to focus more on manufacturing.”
Startup India was launched on January 16, 2016, by the Prime Minister as a national programme to promote entrepreneurship.
Modi also referred to the India AI Impact Summit in February, saying that the country will look to discuss and solve problems facing the emerging sector. “We are trying to solve challenges such as high computing costs. Under the India AI Mission, we have onboarded over 38,000 graphics processing units (GPUs). We are also ensuring that indigenous AI is developed on Indian servers,” he said.
He urged entrepreneurs to work on unique technological ideas, and assured them of government support.
Reflecting on the decade of the scheme (launched in his first term as PM), Modi noted that India has grown from just four startups in 2014 to over 125 active unicorns today. He highlighted that these high-value companies are now going public and generating jobs.
Lauding growing inclusivity within the sector, he said that over 45% of recognised startups in India now have at least one female director or partner, and said that India currently boasts the world’s second-largest ecosystem for women-led startups.
“I trust your capability, courage, confidence, and innovation,” the PM told the gathering with entrepreneurs such as Oyo founder Ritesh Agarwal and Boat’s Aman Gupta, among others, in attendance. “India’s future is taking shape through this startup revolution.”
