PM Modi's 'Rainbow Vision' for Startup India Aims to Connect Sectors, Tap Opportunities

Addressing entrepreneurs and stakeholders of India's startup ecosystem, the Prime Minister on the occassion of National Startup Day, said that for him, the confidence and impression of startups matter more than numbers alone.

He also lauded the risk appetite of India's startups.

"I have consistently emphasised risk-taking, because it has also been my long-standing habit. Tasks that no one was ready to take up, tasks that previous governments avoided for decades because they feared losing elections or power -- I have always considered it my responsibility to take them on. Like you, I too believe that whatever work is necessary for the country must be done by someone. Someone has to take the risk," he said.

Previously, risk-taking was discouraged, but today it has become mainstream, he said.

People who look beyond their monthly salaries are not only accepted but also respected. Risk-taking ideas that were once considered fringe are now becoming fashionable, he noted.

He also touched on women's participation, particularly in leadership roles at startups.

Currently, over 45 per cent of recognised startups in India have at least one female director or partner, he told the gathering.

"In terms of women-led startup funding, India boasts the second-largest ecosystem in the world. This growing inclusivity within the startup sector is enhancing the country's potential. Today, India sees its future in the ongoing startup revolution," PM Modi said.

Ten years ago, there were fewer than 500 startups in the country; today this number has crossed more than 200,000. In 2014, India had only four unicorns; today India has around 125 active unicorns.

"The world too is watching this success story with amazement. In the times to come, when India's success story is discussed, many young people sitting here will themselves become bright case studies," he said.

Prime Minister Modi emphasised the social shift brought about by this entrepreneurial surge.

Startup India programme democratized startups ecosystem, beyond big cities, providing opportunities to the country's youth to innovate, he said.

Startup India was launched on January 16, 2016, by the Prime Minister as a national programme to nurture innovation, promote entrepreneurship and enable investment-driven growth, with the objective of making India a nation of job creators rather than job seekers.

Over the past decade, Startup India has emerged as a cornerstone of India's economic and innovation architecture, Prime Minister's Office said in a statement.

"It has strengthened institutional mechanisms, expanded access to capital and mentorship, and fostered an enabling environment for startups to grow and scale across sectors and geographies," the PMO said.

India's startup ecosystem has experienced unprecedented growth over this period, with more than 2,00,000 startups recognised across the country. These enterprises have become significant drivers of employment generation, innovation-led economic growth and the strengthening of domestic value chains in diverse sectors.

During the programme today, Prime Minister interacted with members of India's vibrant startup ecosystem. Select startup representatives shared insights from their entrepreneurial journey.

- ANI