India has the world’s fastest-growing start-up ecosystem: PM Modi

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PM Modi stated that India is perfectly positioned to lead the next technological revolution and that investments are being made, among other things, in developing 5G capabilities.

On Friday, Prime Minister Narendra Modi said that India is on track to have a strong economy, with semi-conductor consumption estimated to reach USD 110 billion by 2030 and the world’s fastest-growing start-up ecosystem.

India has the world's fastest-growing start-up ecosystem: PM Modi
source: NDTV

According to him, India is poised to lead the next technological revolution, with investments being made, among other things, in building 5G capabilities.

“We’re laying the groundwork for India to lead the next technological revolution. We’re on our way to connecting 600,000 communities to the internet. We’re putting money into creating 5G, the Internet of Things, and sustainable energy technologies. “PM Modi announced this during the Semicon India-2022 conference’s opening session.

“India’s semi-conductor consumption is likely to exceed USD 80 billion by 2026 and USD 110 billion by 2030,” he said.

Speaking about the country’s economic health, the prime minister stated that India is on track for more substantial development, citing the world’s fastest-growing start-up ecosystem, where new unicorns emerge every few weeks.

Modi urged the sector to make India a significant player in global semi-conductor supply chains and to strive toward that goal using the principles of high-tech, high quality, and high reliability.

“We are constructing the digital infrastructure to link over 1.3 billion Indians. Today, the UPI is the world’s most efficient payment system,” Modi said, citing grounds for India to become a desirable investment location for semi-conductor technology. Modi also stated that the country is transforming lives via digital technology in all government areas, from health and welfare to inclusion and empowerment.

The Prime Minister also stated that the government is substantially investing in the skilling and training of young Indians to meet the demands of the twenty-first century.

PM Modi stated, “We have an extraordinary semi-conductor design skill pool that accounts for up to 20% of the world’s semi-conductor design engineers.”

Industrial Sector

The Prime Minister also informed the gathering that the Indian government had made several steps to reform the industrial sector.

“When mankind was facing a once-in-a-generation epidemic, India was improving not just the health of our people, but also the health of our economy,” he continued.

“Industries were ready to do their jobs in the past, but the government was like a “Not Gate”. An

y input that comes through the “Not Gate” is negated “, Added he.

The prime minister referred to the semi-conductor industry’s popular phrases ‘Not Gate’ and ‘And Gate.’

Modi claimed that there were numerous unnecessary compliances and no ease of doing business in the past.

“However, we recognise that the government must function similarly to the “And Gate.” While the industry puts in long hours, the government must put in even more. “The Prime Minister clarified his position.

According to him, the government has implemented many changes to make doing business in India easier.

He noted that the government had eliminated over 25,000 compliances and pushed for automatic renewal of licences.

The regulatory framework, according to Modi, is becoming faster and more transparent as a result of digitisation.


Published by- NIKITA GOSWAMI

Anushka Sharma
Anushka Sharma
A lover of stories and people, you can always find me analysing and romanticising some form of art. As I try to make sense of the world around me, reading and writing about Geopolitics and Law with a cup of chai is something that keeps me sane on most days. Conversations on Films, History and Literature make my haven. I observe, listen and think a lot. Aside from organising and educating myself, articulating those thoughts through words is what sates my soul. Hence, writing makes up a good chunk of my personality, and I aim to use it for my surroundings as much as possible.

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