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The Prime Minister of India, Mr. Narendra Modi said that the country is leading the world with respect to innovations, as every 10 days, one start-up company attains the status of a unicorn. He addressed an Indian group in Germany once he landed there to attended the important G7 summit.
In the public speech, he said that, a few years ago, India was no where to be seen in the start-up community, but now, the country hosts the third largest start-up community all over the world. He went on to say that that was a time where the country had to import all types of consumer electronics including the most basic models of phones and smart phones. But now, India is the second largest producer of smart phones all across the globe.
He went on to add that every 10 days sees the birth of a unicorn in the nation which was never the case in the history of the country.
He said that culture of innovation and problem solving is deep rooted all over the nation and backed it up by saying that, on average every month, around 5000 patents are applied for by Indian based companies.
In spite of the massive population, India is also pioneering and innovating in the digital space as almost half of all online transactions take place in the country. He went on to say that his government’s prioritisation to penetrate digitisation has improved the standard of living by saying that close to 15 lakh people book their train tickets online on a daily basis.
He said that digitisation and tech have seeped in to every industry and is taking over the country. He went on to say that even the agriculture sector has welcomed the help that tech has to offer in terms of spreading seeds and fertilisers using drones and unmanned machines.
He went on to say that drones especially have a lot of potential in the country as they are even used by the real estate and architecture sectors to map out plots and buildings. Drones are even used for shooting of movies, videos, and advertisements in an easy and cost-effective manner.
In the industrial revolution over a century, India was ignored and was left behind, how ever they will not be left behind and will be leading the latest industrial revolution. The start-up community has been booming in India for the past few years and it doesn’t seem like it will be slowing down anytime soon.
