Indian Economy News

PM Modi calls for innovating for India, from India to tackle challenges

  • IBEF
  • January 17, 2022

Prime Minister Narendra Modi called for innovating for and from India to address the country's difficulties on Saturday, as he outlined the government's efforts to free entrepreneurs and innovation from bureaucratic silos.

"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." According to him, India has over 60,000 businesses, including 42 unicorns.

To boost the innovation, entrepreneurship, and startup environment, the government is focused on three aspects - "Freeing entrepreneurship, innovation from government and bureaucratic silos; setting up institutional mechanisms to promote innovation, and handholding of youth innovators," he said.

In highlighting recent achievements, he stated that 28,000 patents were granted last year, compared to 4,000 patents in 2013-14. In comparison to the 70,000 trademarks registered in 2013-14, 2.5 lakh (250,000) trademarks were 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.

Startups are not only introducing new ideas to the market, but they are also becoming big employment generators. He added that the year 2022 will provide new chances and routes for businesses, and that January 16 will be designated as National Entrepreneurial Day to assist spread startup culture to the grassroots.

Easy access to capital, as well as self-certification for compliance with nine labour and three environmental rules, according to Modi, are helping to boost entrepreneurs. He stated that innovation and technology-based solutions are being fostered in order to discover solutions to the country's problems.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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