Prime Minister Narendra Modi, during the 5th edition of VivaTech summit, said on Wednesday that COVID-19 has put many conventional methods to test and that innovation is the only way out when convention fails. The PM invited the world to invest in India based on the five pillars of -- "talent, market, capital, eco-system, and culture of openness".
The PM said India's strides in the world of tech and start-up are well-known. "Our nation is home to one of the world's largest start-up ecosystems. Several unicorns have come up in recent years. India offers what innovators and investors need," said PM Modi.
COVID-19 put many of our conventional methods to test.PMO India (@PMOIndia) June 16, 2021
However, it was innovation that came to the rescue.
By innovation I refer to:
Innovation before the pandemic.
Innovation during the pandemic: PM @narendramodi
He also said COVID-19 has put many of the conventional methods to test. "I believe where convention fails, innovation can help. This has been seen during COVID-19 global pandemic, which is biggest disruption of our age. All nations have suffered losses & felt anxiety about future," said PM Narendra Modi.
Over the past year, India has witnessed a lot of disruption in different sectors. "Much of it is still there. Yet, disruption does not have to mean despair. Instead, we must keep the focus on the twin foundations of repair and prepare," he said.
Indian economy suffered its worst contraction in decades in the fiscal year ended March 31, 2021, as the pandemic-induced lockdown impaired economic activity. The government, however, continued with the reforms that would help sustain higher growth rates after the world emerges from the pandemic.
India implemented huge reforms across sectors, be it mining, space, banking, atomic energy and more. This shows India as a nation is "adaptable and agile", even in the middle of the pandemic, he said.
He said when he speaks about innovation before the pandemic, he refers to the pre-existing advances that helped India during the pandemic. "Digital technology helped us cope, connect, comfort and console. Through digital media we could work, talk with our loved ones and help others," he said.
He said this platform (VivaTech) reflects France's technological vision. "India & France have been working closely on a wide range of subjects. Among these, technology & digital are emerging areas of cooperation. It is the need of the hour," he added.
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