Startups, innovation and digital payments, PM Modi hails business ecosystem in India

During his first state visit to Russia after taking charge for the third straight time on Tuesday, Prime Minister Narendra Modi applauded the emerging business and innovation ecosystem in India while interacting with the Indian community in Moscow.

Mentioning India’s contribution to the field of digital payments, he said that India has given the most reliable model of digital payments to the world.

“Today India is the country which is giving the most reliable model of digital payments to the world,” the PM said.

“When I first came into power in 2014, the number of startups was in the hundreds but the number has increased to lakhs. Today India is the third largest startup ecosystem in the world, in the year 2014 there used to be only hundreds of startups but today there are millions,” he added.

PM Modi said that India is home to lakhs and lakhs of startups adding that India is the world’s 3rd largest start-up ecosystem today.

Highlighting the environment of innovation in the country, PM Modi said, “Today India is filing for patents and publishing research papers in record numbers which shows the power of youth.”

PM Modi while highlighting his government’s capability said that India has doubled the number of airports in just 10 years.

Emphasising the development of the railways, he said that the government has electrified more than 40,000 kilometres.

“The world is surprised to see the pace of development that the country has achieved in the last 10 years. When people from around the world come to India, they say ‘Bharat badal raha hai’. They can see the transformation of India, the reconstruction of India. When India organises successful events like G20, the world speaks in one voice, ‘Bharat badal raha hai’. When India doubles the number of its airports in just 10 years, the world says, ‘Bharat badal raha hai’. When India electrifies more than 40,000 kilometres of railway lines in just 10 years, the world also realises the power of India, they say the country is changing,” he said.

Hailing the trade relations between both countries, PM said, “Two years ago, the first commercial consignment also reached here from the North-South Transport Corridor…Now we are also working on Chennai-Vladivostok Eastern Maritime Corridor. Both our countries are discovering each other through Ganga Volga dialogue and civilization.”

“Today when India builds the world’s tallest railway bridge, world’s tallest statue, the world says, India is changing and how is India changing because India trusts the support of its 140 crore citizens, trusts the support of Indians spread across the world. Because 140 crore Indians now want to fulfil the dream of making India a developed country by taking a resolution. Today my Indian brothers and sisters who live in different parts of the world are proud of the achievements of your motherland…I just want to ask you, has the world’s perspective towards you changed or not? Today 140 crore Indians believe in solving the problems that have been going on for decades,” PM Modi said.