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India's own ecosystem of start-up evolving rapidly, says PM Narendra Modi

India now has the institutions, incentives and interest for new ventures, the prime minister said on Sunday at an event organised by NASSCOM, also attended by LinkedIn co-founder Reid Hoffman.

India's Prime Minister Narendra Modi speaks about India's digital initiatives at the Google campus in Mountain View, California September 27, 2015.(Photo: Reuters) India's Prime Minister Narendra Modi speaks about India's digital initiatives at the Google campus in Mountain View, California September 27, 2015.(Photo: Reuters)

Prime Minister Narendra Modi has said India's own ecosystem of start-up is evolving rapidly which is driven by energy, enterprise and innovation of youth.

India now has the institutions, incentives and interest for new ventures, Modi said on Sunday at an event organised by NASSCOM, also attended by LinkedIn co-founder Reid Hoffman.

"India's own ecosystem of start-ups is evolving rapidly. It is driven by the energy, enterprise and innovation of our youth. We have a huge market with rapid growth and untapped opportunities in every sector", Modi said at the start-up event in Silicon Valley.

He said it is natural for India to hold its first overseas start-up event in the Silicon Valley. India and the US have a natural partnership of innovation and technology that has shaped the knowledge economy.

"We have incubators, accelerators and investors willing to back an idea and assume risks. India has woken up to the potential of Start-up Ventures with great enthusiasm and energy. In the past few years, they have grown exponentially", Modi said, while expressing confidence that it would start a new revolution of employment, entrepreneurship and growth in India.

Before the event, 40 start-ups each from India and the US had a India-US Konnect 2015 event organised in collaboration with TiE Silicon Valley and IIM Ahmedabad's CIIE India.

"We have here an outstanding group of start-ups from India. They are applying technology to transform healthcare, education, agriculture, clean energy, security, financial inclusion of the poor and access to clean water", Modi said.

"Our start-ups represent not just commercial success stories, but are powerful examples of social innovation", he said, adding that pace at which people in India are taking to digital technology defies stereotypes of age, education, language and income. There are nearly a billion people with cell phones in India; smart phones and internet users are in hundred millions, growing at high double digits", Modi said.

"This is the vision and the spirit behind Digital India, to use technology to transform governance, empower our citizens, eliminate barriers to opportunities, deepen social change, impart scale and speed to development, improve delivery of services, design affordable products for the poor, customise services for specific groups, and build a more sustainable future for our planet", he said.  

PM Modi said the application and enterprise is limited only by imagination. "We have here today our Department of Space that provides free data on its portal. In the course of past few months, we have put together 170 applications of space technology in governance and development", he said.

"Many of these could become the vehicles of new ventures in India. But, it is not just about the opportunities generated on the digital platform and advanced science by urban enterprises", the Prime Minister said.

"I want to see the idea and the spirit of start-ups light up the economies and the fortunes of people in rural India. From handicrafts to tourism, the frontiers of possibilities and the scale of reach in India is immense", he said.

"I want this especially for our rural women, who have shown marvellous success in enterprise, whenever they have had opportunity. They transform not only our rural economy, but also our society", Modi added.

(PTI)