Prime Minister Narendra Modi on Thursday underscored the role of Indian startups in solving global challenges while at the same time creating employment opportunities and boosting our quest towards self-reliance.

His comments came as India marks nine years of its flagship initiative for startups – Startup India — launched in January 2016.

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Modi said the initiative has propelled India to become one of the largest and most vibrant startup ecosystems globally.

“It is a landmark initiative that has redefined innovation, entrepreneurship and growth,” he said in a series of posts on X, describing the programme as “very close to my heart as it has emerged as a powerful way of furthering youth empowerment”.

“Over the past nine years, this transformative program has empowered countless youngsters, turning their innovative ideas into successful Startups. People would doubt India’s ability to thrive in this system just a decade ago,” he added.

Over the past nine years, the government has recognised 1.59 enterprises as startups under the Startup India initiative spanning 55 industries including agriculture, IT, biotech, fintech, education, and renewable energy. According to the government, startups recognised by DPIIT have created over 17.2 lakh direct jobs.

According to the official data, the IT services industry leads with 2.04 lakh jobs, followed by healthcare and lifesciences with 1.47 lakh jobs and professional and commercial services with around 94,000 jobs.

Moreover, the count of unicorns or startups with a private market valuation of USD 1 billion or above has grown to over 100, with a collective valuation of around Rs 30 lakh crore.

The prime minister said this “transformative” programme has empowered countless youngsters, turning their innovative ideas into successful startups.

From tech-driven solutions to rural innovations, healthcare advancements to biotech breakthroughs, Fintech to EdTech, clean energy to sustainable technology, Indian startups are solving global challenges while at the same time creating employment opportunities and boosting the country’s quest towards self-reliance, he added.

Underlining his government’s commitment to fostering an entrepreneurial ecosystem that uplifts every dream and contributes to ‘Aatmanirbhar Bharat’, he said his dispensation has left no stone unturned to encourage a culture of startups.

He said his government’s policies have focused on “Ease of Doing Business”, greater access to resources and, most importantly, supporting them at every juncture.

Assuring the emerging entrepreneurs of government support, the Prime Minister said, “We reaffirm our commitment to continue fostering an entrepreneurial ecosystem that uplifts every dream and contributes to Aatmanirbhar Bharat. I compliment every youngster in the startup world and urge more youngsters to pursue this. It’s my assurance you won’t be disappointed.”

He said, “We are actively promoting innovation and incubation centres so that our youngsters become risk-takers. I have personally been regularly interacting with upcoming startups.”