'We grow with the world': PM Modi on India's Digital Revolution
PM Modi highlights India's digital payment revolution and the massive surge in startups, noting that 45% of startups have women directors.
Addressing the Bloomberg New Economy Forum on Tuesday, Prime Minister Narendra Modi delivered a powerful message regarding India's rapid technological evolution, stating that the nation's growth is not at the expense of others but is designed to benefit the entire globe. "We do not grow at anyone's cost. We grow with the world and for the world," the Prime Minister declared.
The Power of Inclusive Digital Technology
A central theme of the Prime Minister's address was the democratization of technology through India's digital payment ecosystem. He highlighted how the country's digital infrastructure bridges the gap between different economic strata, providing the same seamless experience to everyone.
"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," the PM remarked. He emphasized that this accessibility is the true essence of inclusive technology, ensuring that digital tools empower every segment of society.
Inviting international delegates to witness this phenomenon firsthand, the Prime Minister encouraged guests to experience India's digital payment facilities to see the efficiency of the system in action.
The Startup Explosion: From Hundreds to Lakhs
The Prime Minister shared staggering statistics regarding India's burgeoning startup ecosystem, noting a massive transformation in the country's entrepreneurial landscape. He pointed out that before 2014, India had only a few hundred startups, but that number has now surged to over 2.5 lakh.
This growth is not just about numbers, but about the diversity and reach of innovation. Key highlights from the startup sector include:
- Geographic Reach: Nearly half of all startups in India are emerging from small cities and towns, rather than just metropolitan hubs.
- Women Empowerment: In a significant move toward gender inclusivity in business, 45 per cent of startups now have a woman director or partner.
"In other words, opportunities for innovation are reaching more people, and more talents are emerging," the Prime Minister added.
India as a Global Digital Partner
Beyond its domestic success, India is positioning itself as a global leader in Digital Public Infrastructure (DPI). The Prime Minister noted that India is actively sharing its expertise with other nations, helping them develop digital systems tailored to their specific local needs.
He cited the development of the CoWIN platform during the COVID-19 pandemic as a prime example of India's ability to create open-source, scalable solutions. The Prime Minister emphasized that India's technological capabilities are intended to empower humanity as a whole.
"Our continuous efforts are aimed at ensuring that India’s capabilities open new doors of possibility for other countries as well," he stated, reinforcing the vision of India as a global contributor to digital progress.