PM Modi takes part in Madhya Pradesh Startup Conclave

PM Modi launched the Madhya Pradesh Startup Policy during the Madhya Pradesh Startup Conclave being held in Indore, today, via VC. He also launched the Madhya Pradesh Startup portal, which will facilitate and help promote the startup ecosystem.

Addressing the gathering, the PM said that the country's development is getting new momentum by the young energy. There is a feeling, as there is a proactive startup policy, there is an equally diligent startup leadership in the country. The PM mentioned that in the short period of 8 years, the startup story of the country has undergone a massive transformation. He recalled that in 2014 when his Government was formed, the number of startups in the country was about 300-400. Today there are about 70000 recognized startups. He said that every 7-8 days a new unicorn is made in this country.

The PM also noted the diversity of start-ups. He said about 50% of startups are from Tier II & Tier III cities and they cover many states and cities. They are associated with more than 50 industries. He said startups give solutions to real world problems. Today’s startups become future MNCs. He said the concept of startup was discussed among a few people 8 years ago and has now become a part of discussion among the common people.

He dwelled on the story of innovative solutions in India and lamented the lack of encouragement to the momentum of the IT revolution and failure of channelling the opportunity. Entire one decade went wasted in the scams and chaos of those times. He said that after 2014, the government restored faith in the innovation strength of the youth and created a conducive ecosystem. He informed about the 3 pronged approach to push the sector by creating a roadmap ranging from idea to innovation to industry. First part of this strategy, he said, was the notion of idea ,innovate, incubate and industry. Institutions related to these processes were created and strengthened. Second, easing of Government regulations. Thirdly, change in mindset for innovation by creating a new ecosystem. Keeping this in mind, steps like hackathons were taken. 15 lakh talented youngsters have been involved in this hackathon movement creating an ecosystem for startups.

The PM said that the launch of Start-Up India 7 years ago was a big step in turning ideas into innovation and taking them to industry. One year later, the Atal Innovation Mission was launched with a set up of Atal Tinkering labs in schools and incubation centres in higher education institutions. More than 10 thousand schools have the tinkering labs and more than 75 lakh students are being exposed to the atmosphere of innovation.

He said reforms carried out in the space sector, mapping, drones, etc are opening new opportunities for the startups. To improve the ease of bringing the products of the startups to the market, GeM portal was established. More than 13000 startups are registered on GeM Portal and have done business worth 6500 crore rupees on the portal. Digital India gave a major push for the development of startups and opening of new markets. He said the startups have a major role in developing the tourism sector. Startups will also help in giving a boost for Vocal for Local. Startups can also help Tribals to bring their handicrafts and products to the market. He said the Government is giving a big push for the gaming industry and toy industry. He also informed that more than 800 Indian startups are involved in the sports sector.

The Prime Minister said that “we have to provide new momentum and height to India’s success. Today India is the fastest growing economy among the G-20 economies.” He also said that India is the third largest economy of the world. India is at the first place in terms of smartphone, data consumption and second in terms of Internet users. India is at the second place in the Global Retail Index, India is the third largest energy consumer country of the world and the world's third largest consumer market is in India. India has created a new record by doing merchandise exports worth 470 billion dollars this year. There is unprecedented investment in the infrastructure. There is unprecedented emphasis on ease of doing business as well as ease of living in India. These facts make every Indian proud and generate a belief that India’s growth story will move forward with new energy in this decade. Our efforts in the Amrit Kaal will set the direction of the country and we will fulfil the aspirations of the country with our collective endeavour, said the Prime Minister.

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