PM Modi Challenges India's Startups to Seize Global Leadership in Emerging Tech
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Prime Minister Narendra Modi has called on India's thriving startup ecosystem to focus on manufacturing and artificial intelligence, aiming to propel the country to the forefront of emerging technologies within the next decade. Speaking at the National Startup Day event, Modi emphasized the importance of courage in taking bold steps, citing the risks Indian youth have taken to make Startup India a success. The Prime Minister acknowledged that the country's startup landscape has come a long way since the launch of the Startup India Initiative in 2016, transforming India into a nation of job creators. Today, India is the world's third-largest startup hub, with a goal to lead the world in new startup trends and technologies in the next 10 years. Modi highlighted the significance of AI, stating that nations leading in this field will have a strategic advantage. He emphasized that the responsibility for India's AI development lies with its startups, acknowledging challenges such as high computing costs. However, he noted that the India AI Mission is providing solutions, with over 38,000 GPUs onboarded to make advanced technology accessible to smaller startups. The Prime Minister also touched on other sectors, including semiconductors, data centres, green hydrogen, and space technology. He highlighted the government's efforts to open strategic sectors to startups, such as defence manufacturing and the space sector, and provide market access through the Government e-Marketplace (GeM). Union commerce minister Piyush Goyal added that Indian startups are currently active in over 50 sectors, with nearly 50% originating from tier-II and tier-III cities. He also stated that several countries are keen on establishing startup bridges with India, with nearly 100 countries seeking to collaborate with the country's startup ecosystem. The government has launched initiatives such as the ₹1 lakh crore Research, Development and Innovation Scheme and a deep-tech fund of funds to support long-term investment in sunrise sectors. Modi emphasized the need to prepare for the future by working on new ideas in emerging domains that will play a crucial role in economic security and strategic autonomy.
