Prime Minister Narendra Modi on Wednesday hailed India’s startup ecosystem and said the nation has emerged as a new hope and strength for the global startup space.

Addressing thousands of prospective entrepreneurs, investors, and business visitors during the ‘Startup Mahakumbh’ at the Bharat Mandapam Convention Centre in New Delhi, Modi said that he could feel the vibe that India will produce many Unicorns and Decacorns in the future.

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“Today, the energy and vibe is amazing. Strolling along the stalls and watching your inventions, I could feel the vibe that India’s future holds many Unicorns and Decacorns. For promoting startups, India made the right decisions at the right time. If today India has emerged as a new hope, a new strength for the global start-up space, then there has been a well-thought-out vision behind it. India has taken the right decisions at the right time and started work on start-ups at the right time…,” Modi said.

The prime minister said his government’s ‘Startup India’ initiative helped youth from tier 2 and tier 3 cities to incubate their ideas.

“…’Startup India’ initiative provided a platform for innovative ideas, connected those to funding sources, and began ‘Tinkering Labs’ and ‘Incubating Labs’. All such efforts helped the youth from tier 2 and tier 3 cities to incubate their ideas. Today, we can proudly say that our startup ecosystem is not limited to megacities. In fact, youth from small cities are pioneering the revolution in the startup ecosystem…,” the PM said.

Modi highlighted the Indian startups in the space sector and stated that the government has transformed people’s thinking and now the youth was keen on being a job provider instead of being a job seeker.

“Today, India has startups across sectors. From agriculture to space, we can find Indian startups everywhere. The space sector, which was once in shackles of the government, now has over 50 startups. The world sees the capability of Indian youth. Trusting their capabilities, we decided to fuel their aspirations… We have transformed people’s thinking; instead of being a job-seeker, the youth is now keen on becoming a job-provider…,” he added.