PM Modi Urges Startups to Boost Manufacturing, Create World-Class Products

"Over the past decades, we have done quite remarkable work in digital startups and the service sector. Now is the time for our startups to focus even more on manufacturing. We will have to create new products. We will have to create products of the world's best quality," PM Modi said, addressing the ten years of the Startup India programme.

In technology, too, the prime minister said Indian startups will have to take the lead by working on unique ideas.

"The future belongs to this. I assure you, the government stands with you in every effort of yours," he assured the Indian startups.

Previously, the fear of compliance requirements, lengthy approval cycles, and inspector raj were major obstacles to innovation, he noted.

"To address this, we created an environment of trust and transparency. Under the Jan Vishwas initiative, more than 180 provisions have been decriminalised. We have streamlined processes to save your time, allowing you to focus on innovation rather than getting entangled in litigation," PM Modi said.

In particular, startups now benefit from self-certification facilities across numerous laws.

Additionally, procedures for mergers and acquisitions have been simplified, making it easier for businesses to grow and innovate.

Startup India is not just a scheme, but a "Rainbow Vision"; it is a means of connecting different sectors to new opportunities, the prime minister said.

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.

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.

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

- ANI