Prime Minister Narendra Modi on Saturday said that the biggest USP of the startup world is its disruption and diversification capacity.

He was addressing ‘Prarambh: Startup India International Summit’ today via video conferencing.  

Disruption, as startups are giving rise to new approaches, new technology and new ways. They are changing the time-worn ways of thinking.

Diversification because a large number are coming up with diverse ideas bringing revolution is diverse sectors with unprecedented scale and substance. 

Disruption, as they are giving rise to new approaches, new technology and new ways; diversification because they are coming up with diverse ideas bringing revolution is diverse sectors with unprecedented scale and substance. The greatest feature of this ecosystem is that it is guided more by passion than pragmatism. This ‘can-do’ spirit is evident in the way India is working today, said Modi.

They are revolutionizing multiple sectors The greatest feature of this ecosystem is that it is guided more by passion than pragmatism. This ‘can-do’ spirit is evident in the way India is working today, said Modi.

The Prime Minister gave example of BHIM UPI which has revolutionized the payment system as only in December 2020, 4 lakh crore worth of transections took place through UPI in India.

Similarly India is leading in solar and AI sector, Modi added.

The Prime Minister said that through the government procurement portal GeM, startups are getting new opportunities as 8 thousand startups are registered on GeM portal and they have done the business of 2300 crore through GeM.

He said that in coming time startup presence on GeM will only increase. This will lead to promotion of local manufacturing, local employment and better investment in startup research and innovation.

The Prime Minister also announced launching of Startup India seed fund with one thousand crore rupees so that there is no shortage of seed money for startups.