PM Modi highlights India’s digital innovation and startup growth

Prime Minister Narendra Modi on Tuesday emphasised India’s advancements in digital technology and the growth of startups, underscoring the inclusive nature of the country’s digital payment ecosystem. Addressing attendees at the Bloomberg New Economy Forum, PM Modi stated, “We do not grow at anyone’s cost. We grow with the world and for the world.” He described India as the “Mother of Democracy” and cited its linguistic diversity, extensive media presence, and rising social media user base as evidence of the nation’s openness to diverse viewpoints. Stay connected Make The News Mill your preferred source See more TNM stories when you search for news on Google. “India has over 100 languages, around 80,000 registered newspapers and publications, and more than 1,000 satellite television channels,” the Prime Minister noted. He highlighted India’s digital reach, mentioning that the country has more than 500 million YouTube users and over 500 million Instagram users. He added that robust digital platforms facilitate open debate and the exchange of perspectives. PM Modi invited international delegates to experience India’s digital payment ecosystem, stating, “I would tell the guests who have come from abroad to try India’s digital payment ecosystem.” He explained that this system accommodates businesses of varying sizes, saying, “In our country, a street vendor and a car showroom have different kinds of businesses and operate at different scales, but in India, both use the same digital payment platform.” He described this as “the power of inclusive technology.” The Prime Minister also highlighted the remarkable growth of India’s startup ecosystem. “Before 2014, there were only a few hundred startups in India; now, their number in the country has exceeded 2.5 lakh,” he said. He pointed out that nearly half of these startups originate from small cities and towns, and 45 per cent have a woman director or partner. “In other words, opportunities for innovation are reaching more people, and more talents are emerging,” he added. PM Modi further stated that India is sharing its Digital Public Infrastructure (DPI) experience with other countries to assist in developing digital systems tailored to their needs. Referencing India’s digital initiatives during the COVID-19 pandemic, he noted, “We also created the CoWIN platform, which was open source. Our continuous efforts are aimed at ensuring that India’s capabilities open new doors of possibility for other countries as well. In other words, our capabilities should empower humanity.” Emphasising the societal impact of innovation, the Prime Minister said, “Turning an idea into a product and a problem into a solution is a great capability in itself. But when more and more people in society get this opportunity, the balance of power is maintained, and its impact increases manifold.” He also highlighted how technology has improved the delivery of government assistance by enabling direct transfers to beneficiaries’ bank accounts, thus reducing corruption and improving convenience. “Using technology, we have created a system to transfer government assistance directly to the bank accounts of beneficiaries,” he stated, adding that it establishes a direct channel between the government and the people. The eighth edition of the Bloomberg New Economy Forum, hosted in India, brings together over 500 influential leaders from public and private sectors globally. Under the theme “A World in Play: Defining the New Levers of Power,” delegates are set to explore evolving geopolitics, identify risks and opportunities in uncertain times, exchange ideas, and collaborate on a roadmap for future prosperity.