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Prime Minister Narendra Modi being welcomed by Chief Minister of Tamil Nadu, Edappadi K. Palaniswami, on his arrival in Chennai on Monday.  (Photo: ANI)
Prime Minister Narendra Modi being welcomed by Chief Minister of Tamil Nadu, Edappadi K. Palaniswami, on his arrival in Chennai on Monday. (Photo: ANI)

Startups key to $5 trillion goal: Modi

  • PM Modi highlights the renewed focus on startups and innovation to boost the Indian economy
  • The Prime Minister’s comments come at a time when there is a visible slowdown in various sectors, especially automobiles

BENGALURU : Prime Minister Narendra Modi on Monday said innovation and the role of startups will be crucial to help India realize its goal of becoming a $5-trillion economy.

“Today, India is aspiring to become a $5 trillion economy. Your innovation, aspiration and application of technology will fuel this dream. It has become the bedrock of India’s big leap into the most competitive economy," Modi said in Chennai, addressing graduating students at the 56th convocation of Indian Institute of Technology-Madras (IIT-M).

The Prime Minister’s comments come at a time when there is a visible slowdown in various sectors, especially automobiles.

India is home to one of the biggest startup ecosystems, and Modi said that innovation can be used to find solutions for the rest of the world.

Modi, who has just returned from a trip to the US, said that the world was looking at India “as the land of unique opportunities". He said there was a common thread in his discussions with the heads of state, business leaders, entrepreneurs and investors. “It was optimism about new India. And, confidence in the abilities of the young people of India," the Prime Minister said.

Speaking at the Singapore-India hackathon earlier in the day, Modi said his government was encouraging innovation for two big reasons. “One is we want easy solutions to solve India’s problems to make life easier. And another we in India want to find solutions for the whole world. Indian solutions for global application," he said.

The Prime Minister added that India’s cost-effective solutions should be available to serve the needs of the poorest countries and the most deprived, no matter where they live as “technology unites people even across countries, across continents".

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