PM Modi Addresses Startup Mahakumbh, Highlights Growth of Indian Startup Ecosystem

Prime Minister Narendra Modi addressed the Startup Mahakumbh event, highlighting the remarkable growth and inclusivity of India's startup ecosystem. He emphasized the increasing role of tier 2 and tier 3 cities in fostering innovation and entrepreneurship, stating that the startup culture is no longer confined to metropolitan areas.

PM Modi celebrated the exponential growth of startups in India, noting that from less than 100 startups in 2014, the country now boasts nearly 1.25 lakh registered startups, with approximately 12 Lakh young individuals actively participating in the ecosystem. He also highlighted the significant achievements of Indian startups, including the emergence of over 110 unicorns and the filing of around 12,000 patents.

India's startup ecosystem has gained global recognition, with PM Modi proudly declaring it as the third-largest in the world. He lauded the success of initiatives such as the Government e-Marketplace (GeM) portal, which has facilitated over ₹20,000 crore worth of business.

Furthermore, PM Modi commended the entrepreneurial spirit of India's youth, noting their preference for creating job opportunities rather than seeking traditional employment. He cited the transformative impact of fintech startups leveraging Unified Payments Interface (UPI) services, along with the burgeoning possibilities in sectors like agriculture, education, and healthcare.

Highlighting the inclusivity of the startup landscape, PM Modi noted that over 45% of startups are led by female entrepreneurs, demonstrating the empowerment and diversity within the ecosystem. He also outlined the government's ambitious missions, including the National Quantum Mission, India AI Mission, and Semiconductor Mission, which are poised to unlock new opportunities for aspiring entrepreneurs.

In addition, PM Modi underscored the growing presence of startups in India's space sector, with over 50 startups contributing to the country's space exploration endeavors. Overall, his address reflected the government's commitment to fostering innovation, entrepreneurship, and economic growth through robust support for the startup ecosystem.

In a significant move towards digital security, the government unveils the best digital data protection law to safeguard sensitive information. Additionally, essential steps are being taken to simplify startup funding, encouraging entrepreneurial ventures. Prime Minister Modi credits young entrepreneurs for elevating India from the 11th to 5th largest economy in the world. With aspirations to become the 3rd largest economy, startups are poised to play a pivotal role in India’s economic route. 

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