What’s the story
Prime Minister Narendra Modi on Wednesday said that India is set to become a global frontrunner in the field of Artificial Intelligence (AI). Speaking at the “Startup Mahakumbh” in New Delhi, he encouraged young entrepreneurs and startups to concentrate on creating “Indian solutions with a global reach.” He also highlighted that the government’s triad of missions focusing on AI, semiconductors, and quantum technology will open up job opportunities for the youth and attract international investors.
PM expresses confidence in AI’s potential for young innovators
PM Modi expressed his confidence in AI’s potential for young innovators and global investors. He said, “The leadership of AI capabilities will and should remain in hands of India…I am confident that spirit of ‘Indian solutions for global applications’ will be a force…solutions by Indian innovators will solve problems for many countries.” He also recalled his address to the United States Senate last year, where he mentioned that India would continue to be a leader in AI.
3 Missions
Government’s initiative to support startups, research in AI
The PM highlighted various government initiatives aimed at supporting startups and research, such as the National Quantum Mission, India AI Mission, and Semiconductor Mission. To recall, the Union Cabinet approved the NQM with the goal of developing intermediate-scale quantum computers with 50-1000 physical qubits in eight years. Additionally, the government also decided to form the National Research Foundation with an investment of thousands of crores and a Rs. 1 lakh crore fund for research and innovation in the interim budget.
12 lakh youth employed
1.24 lakh start ups currently operating in India
PM Modi also lauded the growth trajectory of India’s startup ecosystem. He said that the number of startups have gone up from less than 100 in 2014 to approximately 1.25 lakh as of now. These startups have directed engaged around 12 lakh youth and have registered over 12,000 patents, he added. Indian startups have conducted businesses worth over Rs. 20,000 crore on the government e-marketplace platform, the prime minister further said.
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Watch: PM Modi addresses youth at Startup Mahakumbh
Democratization of technology
Technology aiding financial inclusion: PM
The PM also noted that financial startups have gained a lot from Unified Payments Interface (UPI) and that financial inclusion is gaining strength from the use of technology. “The country has been able to reduce the rural and urban divide. World over, there were concerns when digital progress started… There were talks about social divides. India has democratized technology,” he said. “We have everything for everyone,” PM Modi added.
