In a major boost to India’s growing startup ecosystem, Prime Minister Narendra Modi has officially declared that January 16 will be celebrated as National Startup Day, to honour the nation’s budding entrepreneurs and promote the spirit of innovation. The announcement came on Saturday, while he interacted with more than 150 startups from across the country as part of the “Azadi ka Amrit Mahotsav” event.

“Startups will be the backbone of modern India,” said the Prime Minister. When India celebrates its 100th year of freedom, start-ups will play a significant part. The country’s innovators are making the country proud around the world. “

He continued by stating that “this decade is being called the “techade” of India… to strengthen the innovation, entrepreneurship, and start-up ecosystem, essential elements such as unlocking entrepreneurship, innovation from govt processes, and bureaucratic silos must be addressed.

PM Modi also said, “India’s startups are now working in 55 different industries. Five years ago, India didn’t even have 500 startups! Today, that number has crossed 60,000. “

The Prime Minister said that believing in the ability and creativity of youth is the basis of the development of any nation.

Mentioning that 42 unicorns (startups valued at more than $1 billion) were founded in India last year, Prime Minister Narendra Modi stated that this is fuelling an exponential surge in innovation. According to a government release, India granted 28,000 patents in 2021, up from 4,000 in 2013-14, and 2.5 lakh trademarks were registered in 2020–21, up from 70,000 in 2013–14.

Meanwhile, the country’s position in the Global Innovation Index has risen from 81 to 46.

According to PM Modi, unicorns and startups are messengers of India’s variety, a cornerstone of the country’s global character. He encouraged startup entrepreneurs not to “keep your aspirations local, make them worldwide.” Keep this motto in mind: “Innovate for India, innovate from India.”