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I want to see start-ups lighting up the economy, says PM Modi

Modi stressed that the scale of India’s development needs is huge and the “need to achieve it is urgent”.

Modi_in_US_2015 Updated: Sep 28, 2015 06:30 IST
HT Correspondent
HT Correspondent
Hindustan Times
India-US startup Konnect,Modi in US,Start-ups in India
A group of attendees gesture in front of a poster of Indian Prime Minister Narendra Modi before a community reception at SAP Center in San Jose, California.(REUTERS)

Prime Minister Narendra Modi said on Sunday India cannot “simply continue on traditional paths” of development, underlining the importance of rapidly evolving start-ups in the country.

“I want to see the idea and the spirit of start-ups lighting up the economies and the fortunes of people in rural India,” Modi said at India-US Startup Konnect 2015, an event held in California’s San Jose that was hosted by Indian IT industry body Nasscom, TiE Silicon Valley and IIM Ahmedabad’s CIIE India.

“India has woken up to potential of start-up ventures with great enthusiasm and energy. In the past few years, they have grown exponentially,” Modi said, addressing entrepreneurs and start-up founders at the event.

“Start-ups today defy natural rates of growth. An idea can become a global product within a year,” Moid said. He added the digital age has created a new environment for startups.

“When I shifted to Delhi last year, I thought of my government as a start-up,” the PM said.

Read: ‘Invest in India’: PM Modi sends a message from Facebook HQ

Modi stressed that the scale of India’s development needs is huge and the “need to achieve it is urgent”. “We cannot simply continue on traditional paths of development,” he said.

The PM also said he saw start-ups as long-term commitments, and not short-term investments.

Hours after visiting the Facebook headquarters -- from where he invited investors to come to India, Modi said, “We are refining our regulations, making them easier to start and do business in India.”

Harping on his pet schemes such as Make In India, Design India and Skill India, Modi said these initiatives will lead to a surge of opportunities in India.

Read: At Facebook HQ, Modi breaks down while talking about his mother

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(with agency inputs)

First Published: Sep 28, 2015 06:03 IST