“Our startups are changing the rules of the game. I believe that startups are going to be the backbone of New India,” he said interacting with youngsters from the world of startups. “Let us innovate for India, innovate from India.”
India, he said, has over 60,000 startups with 42 unicorns.
The government is focusing on three aspects to strengthen innovation, entrepreneurship and startup ecosystem – “Freeing entrepreneurship, innovation from government and bureaucratic silos; setting up institutional mechanisms to promote innovation, and handholding of youth innovators,” he said.
Narrating successes during the recent years, he said 28,000 patents were granted last year as compared to 4,000 patents in 2013-14. Against registration of 70,000 trademarks in 2013-14, 2.5 lakh trademarks have been registered in 2020-21.
“India’s ranking on the Global Innovation Index is improving because of the programme on innovation started in the country. India was ranked 81 in 2015 and now it is at No. 46,” he said.
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Startups are not just bringing innovations but are also evolving as major job creators.
The year 2022 has brought new opportunities and avenues for startups, he said adding January 16 will be celebrated as National Startup Day to help percolate startup culture to the grassroot level.
Modi said easier access to funds as well as making self-certification for compliance of nine labour and three environment laws is helping promote startups.
Innovation and technology based solutions are being encouraged for finding solutions to challenges facing the country, he said.