Prime Minister Narendra Modi addressed the 56th annual convocation at Indian Institute of Technology (IIT) Madras on Monday. During his speech at the convocation, PM Modi said that the innovation, aspiration and application of technology by IIT students will fuel India's $5 trillion economy. "Today, India is inspiring to become a $5 trillion economy. Your innovation, aspiration and application of technology will fuel this dream. It has become bedrock of India's big leap into the most competitive economy," he said.
He said that the foundations of the 21st century are resting on three crucial pillars of innovation, teamwork and technology. "Each of these complements each other," he said. The Prime Minister also said that the Indian community has made a mark for itself all over the world, especially in science, technology and innovation. "Who is powering this? Lot of them are IIT seniors," he said.
Speaking about the institution, PM Modi said that IIT Madras is borne out of the great blend of economics and utility. He also stated that that there is a robust ecosystem for innovation, incubation and research in the country.
"The next challenge is to find a market; to develop a start-up. The Start-up India Programme is designed to help you meet this challenge. This programme will support innovations to find their way to the market," he said. The Prime Minister said that the untiring efforts of the government have made India one of the top three start-up friendly ecosystems. He also mentioned that the rise in start-ups is fuelled by people from Tier 2 and Tier 3 cities as well as rural India.
"I have, however, a request to make of all of you. No matter where you work, no matter where you live, keep in mind the needs of your motherland," said PM Modi at the IIT Madras convocation.
He urged the IIT graduates to think how their work, innovations and research could help a fellow Indians. "Not only is this your social responsibility, it also makes immense business sense," he said.
PM Modi said, "Today, as a society, we want to move beyond single use plastics. What can be an environmentally friendly replacement that offers similar use but not similar disadvantages? This is when we look towards our young innovators like you."
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